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 percent below the revised February rate of 519,000, but is 5.4 percent above the year ago estimate of 485,000.

Sales were mixed across regions, rising by 18.5 percent in the Midwest, and 5.0 percent in the South, but falling 23.6 percent 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.

About Tim Nicholson

Tim Nicholson
Tim Nicholson is an economic research associate at ABA.
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