The Census Bureau and Department of Housing and Urban Development on Tuesday reported sales of new single-family houses in March 2017 rose 5.8% from February to a seasonally adjusted annual rate of 621,000, 15.6% ahead of the March 2016 estimate of 537,000.
The median sales price of new houses sold in March 2017 was $315,100, up from $293,100 in February and $311,400 in March of last year. The average sales price was $388,200, up from $373,600 in February and $367,700 in March, 2016.
The seasonally-adjusted estimate of new houses for sale at the end of March was 268,000, a supply of 5.2 months at the current sales rate.
Gains were strongest in the Northeast, with the sales pace at 39,000, up 25.8% sequentially and 21.9% year over year. The pace in the West increased to 175,000, up 16.7% from the prior month and 32.6% from March 2016. The South, at 323,000, was up 1.6% and 5.9%, respectively. The Midwest slipped 4.5% to a pace of 84,000, still 23.5% ahead of the prior-year month.
52% of the new homes sold were priced between $200,000 and $400,000.
