US New Home Sales Increase in February and March; Median Price Drops
New-home inventory stayed elevated as the median price fell 6.2% from a year earlier, Commerce Department data showed.
- On Tuesday, the Commerce Department's Census Bureau reported new-home sales surged 7.4% to a seasonally adjusted annualized rate of 682,000 units in March.
- Sales rebounded to 635,000 units in February from 583,000 in January, when winter storms weighed down the market.
- The median new-house price dropped 6.2% to $387,400 in March, while new housing inventory dipped to 481,000 units from 483,000 in February.
- At March's sales pace, supply clearance time fell to 8.5 months from 9.1 months in February, with most homes sold under $399,999.
- Freddie Mac data showed 30-year fixed-rate mortgage rates jumped to 6.46% in early April, while the war with Iran creates economic uncertainty that could limit future gains.
13 Articles
13 Articles
US new home sales increase in February and March; median price drops
Sales of new U.S. single-family homes increased in February and March as the drag from harsh weather faded, but higher mortgage rates because of the impact of the war with Iran could limit further gains.
US New Home Sales Increase in February and March, Median Price Drops
Sales of new U.S. single-family homes increased in February and March as the drag from harsh weather faded, but higher mortgage rates because of the impact of the war with Iran could limit further gains. New home sales surged 7.4% to a seasonally adjusted annualized rate of 682,000 units in March, the Commerce Department’s Census Bureau said on Tuesday. Sales increased to a rate of 635,000 units in February from 583,000 units in January, when th…
Average price was US$ 503.1 thousand, down 3.4% compared to February
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