U.S. new home sales soar 20.7 percent in March
Average sales price nears $400,000 as buyers scramble for deals.
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Driven by pent-up demand stoked by low interest rates and changing views toward remote work, new home prices are going through the roof as inventories go through the floor.
The U.S. Census Bureau and the U.S. Department of Housing and Urban Development jointly announced the following new residential sales statistics for March 2021:
New Home Sales
Sales of new single-family houses in March 2021 were at a seasonally adjusted annual rate of 1,021,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 20.7 percent (±23.7 percent)* above the revised February rate of 846,000 and is 66.8 percent (±36.7 percent) above the March 2020 estimate of 612,000.
Sales Price
The median sales price of new houses sold in March 2021 was $330,800. The average sales price was $397,800.
For Sale Inventory and Months’ Supply
The seasonally-adjusted estimate of new houses for sale at the end of March was 307,000. This represents a supply of 3.6 months at the current sales rate.
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