U.S. new home sales rise in March as average price drops
Sales of new single-family houses rose 4.5 percent to a seasonally adjusted annual rate of 692,000 units last month, the Census Bureau reported. Compared to the reading of 672,000 in March 2018, the sales figure rose 3 percent.
The monthly median sales price of new homes sold in March dropped by 12,500 U.S. dollars to 302,700 dollars in March, while average sales price dropped by 9,300 dollars to 376,000 dollars.
For the same period a year ago, the median sales price of new homes was 335,400, while average sales price was 369,200, according to the bureau.
The seasonally-adjusted estimate of new houses for sale was 344,000 at the end of March, while the reading was 297,000 for the same period last year.
The reading showed that sale inventory at the end of March is much higher over the year, while the Census Bureau estimated that it would take 6 months to exhaust all supply at the current pace of sales. ■