New Home Sales Rose Four Percent in March

New single-family home sales increased to a seasonally adjusted annual rate of 694,000 in March, according to the U.S. Census Bureau and the Department of Housing and Urban Development. The March level was 4.0% above the upwardly revised February rate of 667,000 and 8.8% below the March 2017 estimate.

Sales declined in two of the four regions, led by the Northeast, which fell 54.8%. The Midwest posted a decline of 2.4%, while the South and West increased 0.8% and 28.3%, respectively.

The median price of a new home was $337,200, up 3.5% from February. The average price was $369,900.

At the end of March, the seasonally adjusted estimated supply at the current sales rate decreased from 5.4 months to 5.2.

Read the Census/HUD release.

About Stephen Newton

Stephen Newton is an economic research associate at ABA.