Updated: 24-Apr-18 10:48 ET
| March New Home Sales |
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| Updated: 24-Apr-18 10:48 ET |
Highlights
- New home sales increased 4.0 % month-over-month in March to a seasonally adjusted annual rate of 694,000 (Briefing.com consensus 631,000) from an upwardly revised 667,000 (from 618,000) in February.
Key Factors
- Sales growth by region: Northeast (-54.8%); Midwest (-2.4%); South (+0.8%); and West (+28.3%)
- The median sales price increased 4.8% year-over-year to $337,200. The average sales price decreased 3.8% to $369,900.
- Based on the current sales pace, the inventory of new homes for sale dipped to a 5.2-months' supply, versus 5.4 months in February and 5.0 months in the year-ago period
- Homes priced at $399,999, or less, accounted for 67% of new homes sold in March versus 72% in February. The decrease in the percentage of lower-priced homes that were sold fits with the strength in sales activity in the West region where prices are higher.
Big Picture
- The key takeaway from the report is that new home sales activity was the strongest in the South and West regions, which are the nation's biggest markets, suggesting there is good underlying demand.
| Category | MAR | FEB | JAN | DEC | NOV |
| Total Sales | 694K | 667K | 644K | 644K | 711K |
| Inventory (months) | 5.2 | 5.4 | 5.5 | 5.5 | 4.8 |
| Median Price Y/Y | 4.8% | 9.3% | 3.7% | 5.0% | 9.0% |