Residential
Real Estate News
US New Single-Family Home Sales Rise

US New Single-Family Home Sales Rise


Sales of new single-family homes in the U.S. were up 18.5 percent in March from a year earlier, providing more evidence of the housing market recovery.

Sales increased 1.5 percent from the prior month to a seasonally adjusted annual rate of 417,000 homes, according to an announcement from the Commerce Department. This increase followed a 7.6 percent decrease in February.

The new rate is lower than the 420,000-unit rate predicted by economists for March, but is still a strong indicator for the recovery housing market, Reuters reported.

The inventory for new homes increased 2.0 percent to 153,000 units, a number relatively close to record lows.

Sold-Home.jpgIf sales continue at March's pace, the inventory would be absorbed in 4.4 months, the same pace reported in February. With six months of inventory considered healthy, the low supply is leading to higher new home prices.

Last month the median new home price was $247,000, a three percent year-over-year increase. The Northeast reported sales increase of 20.6 percent while the South increased by 19.4 percent.

Yesterday the National Association of Realtors reported an 11.8 percent increase in the price of existing homes in March.

Sponsored by

Comment with Facebook


Copyright 2010 - 2019 WORLD PROPERTY JOURNAL, INC. All Rights Reserved.

Join 34,000+ real estate professionals worldwide who receive our free weekly newsletter

GO
Advertisement
News Search
Go


Luxury Property Spotlight

Reader Poll

Advertisement
Global Listings Showcase
×
WORLD PROPERTY JOURNAL
 
Free News Alerts
 

Sign up now to receive the latest local & global real estate news in your inbox.

GO