March new home sales drop

WASHINGTON--Sales of new, single-family homes fell 3.1% in March to a seasonally adjusted annual rate of 878,000, according to a recent Commerce Department report.

February home sales were revised upward to a level of 906,000.

The March new home sales report showed that sales fell in all regions except the West, where they rose 3.3%. Sales fell 4.4% in the Northeast and 19.3% in the Midwest. In the South, new home sales decreased 0.2%.