Sales increased 1.3 percent to a 307,000 annual pace, data from the Commerce Department showed today in Washington. The median estimate of 70 economists surveyed by Bloomberg News projected a 315,000 rate. Demand is on pace to reach 301,000 this year, less than the 323,000 in 2010 that was the lowest since data-keeping began in 1963.
Read it allAn overhang of distressed properties in the foreclosure pipeline that is weighing on prices of existing houses may keep luring buyers away from new construction. A jobless rate that has been hovering around 9 percent or higher for more than two years signals demand will take time to pick up.