New Home Sales Plunge to 17-Year Low

New home sales fell to a 17-year low in March, the Commerce Department said Thursday.

Sales plunged 8.5% to an annual rate of 526,000, the fewest since October 1991, Commerce said.

The level was below economists’ forecasts of 580,000-unit rate, Bloomberg said.

Rising home sales can mean more business for flatbed trucking companies that haul building materials and dry van freight carriers that haul household appliances and furniture.

New home sales account for about 15% of residential real estate sales.