Market Updates
New Home Sales Advanced in March
Brian Turner
23 Apr, 2024
New York City
Single-family new home sales increased 8.8% to 693,000 in March from 637,000 in February, the U.S. Census Bureau and the Department of Housing and Urban Development reported Tuesday.
Sales from a year ago increased by 8.3%.
New home sales increased to the highest level in six months from an upwardly revised 5.1% decrease in February.
The median sales price of new houses sold in March was $430,700, and the average sales price was $524,800.
At the end of March, about 477,000 homes were listed for sale, representing about 8.3 months of supply at the current sales rate.
Sales in the Northeast jumped 27% to an annual rate of 46,000, in the Midwest, 5.3% to a 79,000 rate, in the South, 7.7% to 391,000, and in the West, 8.6% to 177,000.
New homes sold in 2023 totaled 666,000, and sales in the first quarter of 2024 increased 4.4% to 181,000 from 174,000 in the period a year ago.
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