New Homes Sales Down 11.4% in March

Washington, DC, April 23, 2015—Sales of new homes were down 11.4% in March, at a seasonally adjusted annual rate of 481,000, according to estimates released jointly by the U.S. Census Bureau and the Department of Housing and Urban Development.

While this figure represents a significant drop from February’s rate of 543,000, it is 19.4% above the March 2014 estimate of 403,000.

The median sales price of new houses sold in March was $277,400, and the average sales price was $343,300.

The seasonally adjusted estimate of new houses for sale at the end of March was 213,000, which represents a supply of 5.3 months at the current sales rate.