Sales of New Homes in U.S. Climb by Most Since 1963

Purchases of new homes in the U.S. surged in March by the most in almost five decades as buyers rushed to qualify for a government tax credit and the weather turned milder.

Demand may remain elevated through this month as Americans take advantage of a tax credit worth as much as $8,000 before it ends at the end of next week. The outlook for the rest of the year hinges on sustained job gains as homebuilders struggle against a wave of foreclosures that is depressing home prices and adding to inventory.

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