New single-family homes sales increased to a seasonally adjusted annual rate of 693,000, according to the U.S. Census Bureau and the Department of Housing and Urban Development. The March reading was 8.8% above the revised February rate of 637,000 and is 8.3% above the March 2023 estimate of 640,000.
The rise in new home sales was driven by increases in the Midwest (5.3%), the South (7.7%), the West (8.6%) and the Northeast (27.8%).
The median sales price of new houses sold in March 2024 was $430,700, up 6.0% from February. The average sales price was $524,800, up 7.4% from the previous month.
At the end of March, the seasonally adjusted estimate of new houses for sale was 477,000 which represents a supply of 8.3 months at the current sales rate.
Read the Census/HUD release.