New Home Sales Up 8.8% In March
WRE News April 27, 2024
Buyer
WRE News April 27, 2024
Buyer
Higher home prices and elevated mortgage rates did not stop buyers last month as new single‐family houses sales during March were at a seasonally adjusted annual rate of 693,000, according to data from the U.S. Census Bureau and the Department of Housing and Urban Development.
Last month’s sales were 8.8% above the revised February rate of 637,000 and is 8.3% above the March 2023 estimate of 640,000.
The median sales price of new houses sold in March was $430,700 and the average sales price was $524,800. The seasonally adjusted estimate of new houses for sale at the end of March was 477,000, which represents a supply of 8.3 months at the current sales rate.
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