New Home Sales Increased in March

New single-family home sales rose to a seasonally adjusted annual rate of 621,000 in March, according to the U.S. Census Bureau and the Department of Housing and Urban Development. The March level was 5.8% above the revised February rate of 587,000 and 15.6% above the March 2016 level.

Sales rose in most regions, increasing 25.8% in the Northeast, 16.7% in the West, and 1.6% in the South. In contrast, sales in the Midwest fell 4.5%.

The median price of a new home was $315,100, up 7.5% from February. The average price was $388,200.

At the end of March there was an estimated supply of 5.2 months at the current sales rate, down from February.

Read the Census/HUD release.