March 2018 New Home Sales Achieve Second-Highest Reading Since Great Recession
The inventory of new home sales for sale was 301,000 in March, which is a 5.2-month supply at the current sales pace.
Sales of newly built, single-family homes rose 4% in March to a seasonally adjusted annual rate of 694,000 units after an upwardly revised February report, according to recently released data by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. This the second-highest reading since the Great Recession.
“The March new home sales report is consistent with our solid builder confidence readings over the past several months,” said Randy Noel, chairman of the National Association of Home Builders (NAHB) and a custom home builder from LaPlace, La. “As consumer confidence grows and more prospective buyers enter the housing market, the sales numbers should continue to make gains.”
Regionally, new home sales rose 28.3% in the West and 0.8% in the South. Sales decreased 2.4% in the Midwest and 54.8% in the Northeast.
“We saw sales move forward in the West and the South regions, which is in line with recent evidence of faster growth in population, employment and single-family construction in these areas,” said Michael Neal, NAHB senior economist. “But with nationwide economic growth and favorable demographics, we can expect continued strengthening of the housing market across the country.”
The inventory of new home sales for sale was 301,000 in March, which is a 5.2-month supply at the current sales pace. The median sales price of new houses sold was $337,200.