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Sales Of New Homes Plunged In March

DAVID GREENE, HOST:

NPR's business news begins with a housing drop.

(SOUNDBITE OF MUSIC)

GREENE: Sales of new homes plunged in the month of March, to the lowest pace since last July. The harsh, never-ending winter may have been partly to blame, but the sluggish economy and the fact that it's still tough to get a mortgage made things especially difficult for some buyers.

There was also sticker shock, as the median price of new homes hit a record $290,000. A thaw might be occurring now that we're into April. Some homebuilders say things are, indeed, looking up. Transcript provided by NPR, Copyright NPR.

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