New Home Sales Rose 4.5 percent in March

New single-family home sales rose to a seasonally adjusted annual rate of 692,000 in March, according to the U.S. Census Bureau and the Department of Housing and Urban Development. The March level was 4.5 percent above the revised February rate of 662,000.

Sales results were mixed with a 22.2 decrease in the Northeast and 17.6, 3.6, 6.7 percent increases in the Mid-west, South, and West respectively.

The median price of a new home was $302,700. The average price was $376,000.

At the end of March, the seasonally adjusted estimated supply at the current sales rate is at 6.0 months.

Read the Census/HUD release.


About Author

Hugo Dante is an economist in Washington, D.C. He was previously an economic research specialist at ABA. In addition to the ABA Banking Journal, his writing has appeared in The Hill, The National Interest and Townhall. Views expressed here are his own.