Sales of newly constructed homes in the United States fell in March by 0.6 percent to a seasonally adjusted annual rate of 356,000, just a small drop from February’s revised rate of 358,000. That is actually better than many economists thought and provides some hopes that things may be starting to get better in the US housing market.
The US Commerce Department released its latest figures, which included revisions to the February numbers, and things are looking better than many expected. February’s new home sales figure was revised upward from an initial report of 337,000, so that in itself is a big boost.
Additionally, the Commerce Department says that the estimated number of new homes for sale at the end of March was a seasonally adjusted 311,000, down from 328,000 at the end of February. At the current rates, it would take 10.7 months to sell the inventory, down considerably from January’s level of 12.5 months.
The median sales price of new homes sold in March was $201,400, down from a revised February number of $208,700 and down 12.2 percent from a year ago. Many builders are reducing prices and offering deals to get customers to buy.
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