New Home Sales Up 7.4%

Sales of new single-family houses in March were at a seasonally adjusted annual rate of 724,000, according to estimates released by the US Census Bureau and the Department of Housing and Urban Development. This is 7.4% above the February rate of 674,000 and is 6% above the March 2024 rate of 683,000.

March’s data marks the second consecutive month with an upswing in new single-family houses.

The seasonally adjusted estimate of new houses for sale at the end of March was 503,000, up by a mild 0.6% from the February estimate of 500,000, and it is also 7.9% above the March 2024 estimate of 466,000.

March’s data points to an 8.3-month supply at the current sales rate. The months’ supply is 6.7% below the February estimate of 8.9 months, but it is 1.2% above the March 2024 estimate of 8.2 months.

The median sales price of new houses sold in March was $403,600, a 1.9% drop from the February price of $411,500 and a 7.5% plunge from the March 2024 price of $436,400. The average sales price of new houses sold in March was $497,700, up 1% from the February price of $492,700 but also 4.7% below the March 2024 price of $522,500.