US new home sales unexpectedly slip in March

Sales of new US single-family homes unexpectedly fell in March, marking the third month in a row of declines, according to official data.

Figures released by the Commerce Department showed new home sales dropped 1.5% to an annual rate of 511,000 from an upwardly-revised 519,000. Economists had been expecting a pace of 520,000.

Compared to the same month a year ago, sales were 5.4% higher. Meanwhile, the median price of a new home was $288,000, down 3.1% from February.

Sales in the Mid-west were up 18.5%, while sales in the West were down 23.6%.

In the South, sales were up 5%, with sales in the North-east flat.