New Home sales fell to an annualized rate of 384,000 in March, the lowest rate since last July, a drop of 14.50%. Economists were looking for a 2.3% increase to 450,000. Year over year, sales were down by 13.3% which is the first decline since September of 2011. New home inventory was at the highest level since November of 2010, that is a 5 month supply of homes which put the market in balance between buyers and sellers. Median sales price was up 5.2% year over year, a nice increase but a decline in the rate of increase. The next couple of months will be important to determine if this is a trend or just a temporary drop.