Industry News

New-home sales dive 24% in March

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The rate of new single-family home sales dropped about 23.5 percent in March compared to the same month last year, while the median price rose about 6.4 percent, the U.S. Census Bureau and Department of Housing and Urban Development reported today. The seasonally adjusted annual rate of new single-family home sales was 858,000 in March. This rate is based on the projection of a monthly sales total over a 12-month period, adjusted to account for seasonal fluctuations in sales activity. This rate is up 2.6 percent compared to February. The median sales price of new houses sold in March 2007 was $254,000, up about 6.4 percent from $238,800 in March 2006. The average sales price in March 2007 was $330,900, up about 10.7 percent compared to March 2006. The seasonally adjusted estimate of new houses for sale at the end of March was 545,000, which represents a supply of 7.8 months at the current sales rate. This supply is up about 27.9 percent compared to the supply in March 2006. A supply gr...