March New Single Family Home Sales Climb 18.5 percent Year Over Year

Average new home sells for $279,900.

The initial report on new single family home sales for March released this morning by the U.S. Census Bureau and the U.S. Department of Housing and Urban Development indicates a slight uptick in new home sales in March 2013 over the prior month but a substantial gain in the year-over-year rate.

The narrow month-over-month increase of 1.5 percent from February to March has been attributed to a lack of completed new homes on the market which has constricted inventory.

Sales of new single-family houses in March 2013 were at a seasonally adjusted annual rate of 417,000, 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 (±16.9%)* above the revised February rate of 411,000 and is 18.5 percent (±17.2%) above the March 2012 estimate of 352,000.

The median sales price of new houses sold in March 2013 was $247,000; the average sales price was $279,900. The seasonally adjusted estimate of new houses for sale at the end of March was 153,000. This represents a supply of 4.4 months at the current sales rate.

Source: U.S. Census Bureau