Real Estate News

Census Bureau: New home sales went up in March

Published: 28 Apr 2017

Sales of new homes continued upward last month, according to information from the U.S. Census Bureau. In a joint statement with the Department of Housing and Urban Development, the Bureau said that 621,000 new homes were estimated to have been sold during March (after seasonal adjustments), with a median price of $315,100.

While the residential sales themselves visibly peaked and fell throughout the past few years, they have been overall trending upward year-over-year since 2012, when the number of new units sold was under 400,000. On a more immediate basis, the source said that this rate is a step up from February, when the rate was 5.8 percent lower.

The figure has taken on an even greater significance, as it also represents a continued streak for the market. Supporting information from the National Association of Realtors confirmed this. The organization also said that existing-home sales were at their highest level in a decade, and that the total amount of housing inventory represented 1.83 million homes by the end of March.

In a press release on this topic, NAR Chief Economist Lawrence Yun referenced both the positive aspects of this market and challenges going forward.

"A growing pool of all types of buyers is competing for the lackluster amount of existing homes on the market," he said. "Until we see significant and sustained multi-month increases in housing starts, prices will continue to far outpace incomes and put pressure on those trying to buy."

This same release also had details about different regions of the country, several of which saw better existing home sales in March 2017, compared to the year before. Judging by this standard, the South had the highest growth, with sales of homes already on the market 8.5 percent higher than they were in 2016. However, the Northeast had the best monthly rate of growth, increasing by more than ten percent between February and March.