In March, New Residential Single Family Home Sales increased 11.1% from February's -13.5% revised plunge, or 270,000 homes, with a March annual sale rate of 300,000 new homes. This is a -21.9% drop from a year ago. In March 2010, new home sales were 384,000.

These numbers are seasonally adjusted, but also with large error margins, and weather can influence sales. Yet the data makes it clear, the real estate market is bleak and is not some bump in the road. Blame the jobs crisis and the glut of foreclosures on and off the market.

The supply of new homes is now at 7.3 of inventory, quite a drop, 11%, from last month's 8.2 months of inventory. The number of new homes were for sale in March was the 183,000, February revised to 185,000.

Prices increased, with the March median price being $213,800 and the average price was $246,800. February's median price was $207,700 and the average price was 256,600.

The median time new homes were for sale was 8.5 months, up from 8.1 months in February.

Calculated Risk runs a great analysis, called the distressing gap. This shows the difference between existing home sales, new home sales and how foreclosures, short sales and excess inventory of existing homes depresses new home sales. This month the gap widened and this report is another March record low.

Here is February's report overview, not revised.