U.S. new-home sales slid further in March to their lowest level since 1991 while the supply of homes for sale soared to nearly a three-decade high.

Sales of single-family homes slumped 8.5% last month to a seasonally adjusted annual rate of 526,000, the U.S. Commerce Department said today. That’s the lowest level since October 1991.

Economists had expected a much smaller drop of 1.9%.

The median price of a new home decreased by 13.3% to US$227,600 in March from the previous year, according to today’s report. The average price tumbled by 11.3% to US$292,200 from a year earlier.

The month’s supply of homes for sale rose to 11 months, the highest since September 1981.

Meanwhile, demand for big-ticket items in the U.S. unexpectedly declined for a third-straight month in March.

Orders for durable goods fell 0.3% to a seasonally adjusted $212.2 billion, the Commerce Department said today.

Economists had expected a 0.3% rise in March.

Separately, the number of U.S. workers filing new claims for unemployment benefits unexpectedly fell last week, a government report said Thursday.

Initial claims for jobless benefits decreased by 33,000 to 342,000, after seasonal adjustments, in the week that ended Apr. 19, the U.s. Labor Department said. Economists expected a climb of 3,000 new claims for the week that ended Saturday.

Even the four-week average of new claims, which economists use to smooth out volatility in the weekly numbers, decreased last week by 7,250 to 369,500 from 376,750.