Thursday, April 23, 2015

New Home Sales Drop in March after February High

Sales of new single-family houses in March were at a seasonally adjusted annual rate of 481,000 according to the U.S. Census Bureau and Department of Housing and Urban Development. The March rate was 11.4% below the revised February rate of 543,000, but 19.4% higher than one year ago.

Sales decreased in all regions except for the Midwest, which had a 5.9% increase in new home sales. The Northeast experienced the largest decline of the regions, falling 33.3% from February. The South and West declined by 15.8% and 3.4%.

The median sales price of new homes sold was $277,400, down 1.5% from last month. The average price was $343,300, a 0.6% decline from February.

At the end of March, there was an estimated supply of 5.3 months at the current seasonally adjusted sales rate.

Read the Census release

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