March Sees a Significant Uptick in New Home Sales Across the US

In a promising sign for the economy, new single-family home sales in the United States experienced a notable 7.4% increase in March compared to February, reaching a total of 724,000 units. This data, released by the Census Bureau on Wednesday, also highlights a 6% improvement from the same period last year.

Inventory and Pricing Trends Reflect a Dynamic Market

The report further reveals that by the end of March, the inventory of new homes available for sale stood at 503,000. This marks a slight 0.6% rise from February and a more substantial 7.9% increase compared to March 2024, indicating an 8.3-month supply at the current sales pace. Notably, the median sale price for new homes was recorded at $403,600, reflecting a 1.9% decrease from February and a 7.5% drop from the previous year.