US New Home Sales Experience Significant Growth

In an encouraging sign for the economy, new single-family home sales in the United States surged by 7.4% in March compared to February, reaching a total of 724,000 units, as reported by the Census Bureau. This marks a 6% increase from the same period last year, underscoring a robust demand in the housing market.

Inventory and Pricing Trends

The end of March saw 503,000 new houses available for sale, a slight uptick of 0.6% from February and a notable 7.9% rise compared to March 2024. This inventory level suggests an 8.3-month supply at the current sales pace. Meanwhile, the median sale price dipped to $403,600, reflecting a 1.9% decrease from February and a 7.5% drop from the previous year, potentially offering more affordability to buyers.