US New Home Sales Fall Unexpectedly by 1.5%

New US single-family home sales unexpectedly fell by 1.5 percent on the month to a seasonally adjusted annual rate of 511,000 in March of 2016, following a downwardly revised 0.4 percent drop in February and missing market expectations of 1 percent rise. The decline was led by a sharp drop in home sales in the West region.

Sales tumbled 23.6 percent in the West, but rose 18.5 percent in the Midwest and 5 percent in the South. New home sales were unchanged in the Northeast.

The median sales price of new houses sold in March 2016 was $288,000; the average sales price was $356,200.

The seasonally adjusted estimate of new houses for sale at the end of March was 246,000. This represents a supply of 5.8
months at the current sales rate.

Year-on-year, new home sales expanded 5.4 percent in March.

US New Home Sales Fall Unexpectedly by 1.5%

US Census Bureau | Joana Ferreira |
4/25/2016 3:26:35 PM