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April 23, 2010 at 08:00 PM
The drumbeat of positive news in the housing market continued for a second day, as sales of new homes in March had its biggest monthly jump in 47 years, the Commerce Department reported Friday, April 23.
Sales soared 27%, the biggest since a 31% gain in March 1963, as buyers were spurred by a government tax credit that expires at the end of this month. Sales of new homes increased in March to a seasonally adjusted annual rate of 411,000, the highest since July, and followed a rise of 324,000 in February.
The government extended an $8,000 tax credit to first-time home buyers in November and expanded it to include some current owners, who could get a credit of up to $6,500. The deadline for signing contracts is the end of April, and the sales must be completed by June 30.
