New single-family home sales dip 1.5 percent in March
23.6% slide in the West offsets gains in the Midwestern and Southern markets.
Sales of new single-family houses in March 2016 were at a seasonally adjusted annual rate of 511,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development.
This is 1.5 percent (±15.0%)* below the revised February rate of 519,000, but is 5.4 percent (±16.0%)* above the March 2015 estimate of 485,000.
Sales actually improved in the Midwest (up 18.5 %) and the South (up 5.0%) but these gains were offset by a decline of 23.6% in the West. Sales held steady month over month in the Northeast.
The median sales price of new houses sold in March 2016 was $288,000; the average sales price was $356,200.
The seasonally adjusted estimate of new houses for sale at the end of March was 246,000. This represents a supply of 5.8 months at the current sales rate.