Market Updates

New Home Sales Unexpectedly Soared In March

Brian Turner
25 Apr, 2023
New York City

    New home sales unexpectedly increased in March, the latest data from the Commerce Department showed Tuesday. 

    New home sales in March rose 9.6% from the previous month to $683,000 and February home sales were revised to 623,000, but 3.4% lower than in the month a year ago. 

    The median sales price of new homes sold in March was $449,800 and the average sales price was $562,400.

    Sales soared 170.8% to 65,000 in the Northeast, 29.8% to 161,000 in the West and 6% to 71,000 in the Midwest but decreased 5.4% to 386,000 in the South. 

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