Monday, April 25, 2016

New Home Sales Slipped in March

New single family home sales fell to a seasonally adjusted annual rate of 511,000 in March, according to the U.S. Census Bureau. The March rate is 1.5% below the revised February rate of 519,000, but is 5.4% above the year ago estimate of 485,000.

Sales were mixed across regions, rising by 18.5% in the Midwest, and 5.0% in the South, but falling 23.6% in the West. Sales in the Northeast remained virtually unchanged from the previous month.

The median price of a new home was $288,000, down from $297,400 in February. The average price was $356,200, up from $342,100 in the previous month.

At the end of March, there was an estimated supply of 5.8 months at the current sales rate, up from a 5.6 month supply in February.

Read the Census/HUD release.
Visit Banks and the Economy.

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