New Home Sales Beat Expectations, Up Most Since November 2017
The Census Department New Residential Construction report shows new home sale rose for the third month. Economists expected a pullback.
New Home Sales
Sales of new single‐family houses in March 2019 were at a seasonally adjusted annual rate of 692,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 4.5 percent above the revised February rate of 662,000 and is 3.0 percent above the March 2018 estimate of 672,000.
The median sales price of new houses sold in March 2019 was $302,700. The average sales price was $376,000.
For Sale Inventory and Months’ Supply
The seasonally‐adjusted estimate of new houses for sale at the end of March was 344,000. This represents a supply of 6.0 months at the current sales rate.
- Total: 692,000, up 4.5%
- Northeast: 28,000, down 22.2%
- Midwest: 87,000, up 17.6%
- South: 401,000, up 3.6%
- West: 176,000, up 6.7%
These are solid numbers.
Econoday notes "builders may have been giving discounts to drive sales. The median price of a new home fell 0.3 percent in March to $302,700 for year-on-year contraction at a steep 9.7 percent."
Mike "Mish" Shedlock