New Home Sales Drop 11.4% in March

Filed in Economics by on April 23, 2015 0 Comments

Sales of newly built, single-family homes fell 11.4% in March to a seasonally adjusted annual rate of 481,000 units from an upwardly revised February reading, according to newly released data from HUD and the U.S. Census Bureau.

hispanic couple“After two robust months of new home sales, some readjustment is inevitable,” said NAHB Chief Economist David Crowe. “This is the best first quarter since 2008, and attractive mortgage rates and pent-up demand should keep the market moving in the right direction.”

“Our surveys show that builders remain optimistic about the housing market,” said NAHB Chairman Tom Woods. “We expect this spring to be a better buying season than we’ve seen in recent years.”

The inventory of new homes for sale was at 213,000 in March, which is a 5.3-month supply at the current sales pace.

Regionally, new home sales rose 5.9% in the Midwest. Sales fell 33.3% in the Northeast, 15.8% in the South and 3.4% in the West.

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