New residential home sales surge in March

Sales race to 27% over February; 24% above March 2009.

Sales of new single-family houses in March 2010 were at a seasonally adjusted annual rate of 411,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development.

This is 26.9 percent (±21.1%) above the revised February rate of 324,000 and is 23.8 percent (±18.7%) above the March 2009 estimate of 332,000.

The median sales price of new houses sold in March 2010 was $214,000; the average sales price was $258,600.

The seasonally adjusted estimate of new houses for sale at the end of March was 228,000. This represents a supply of 6.7 months at the current sales rate.