U.S. Census Bureau quarterly residential sales report

March U.S. New Home Sales Hit 693,000, Surpassing 668,000 Estimate

Apr 23, 2024, 02:25 PM

In March 2024, U.S. new home sales experienced a significant increase, reaching an annual rate of 693,000 units, surpassing the estimated 668,000. This 8.8% month-over-month rise comes despite challenges such as high mortgage rates and a downward revision of previous months' data from 637K. The demand was supported by a shortage of previously owned homes available for sale and a robust homebuyer season beginning. Moreover, the median new home price decreased by 1.9% year-over-year to $430,700, while the average selling price was recorded at $524,800.