Sales of Newly-Built Home Sales Dip Slightly
Sales of newly built, single-family homes slipped 1.5 percent in March, off from the upwardly-revised February numbers. This puts new home sales at a seasonally adjusted annual rate of 511,000 units, according to newly released data by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.
According to the National Association of Home Builders, this shows that “builders are slowly raising inventory as they remain cautious about the housing recovery,” said NAHB Chairman Ed Brady, a home builder and developer from Bloomington, Ill.
“Though sales were flat this month, they are running modestly higher on a year-over-year basis,” said NAHB Chief Economist Robert Dietz.
The inventory of new homes for sale rose to 246,000 in March, which is a 5.8-month supply at the current sales pace. The median sales price of new houses sold in March was $288,000.
You can find more news and data on the NAHB's website.
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