New-home sales picked up in March, rising 4.5% from February and 3% from a year earlier, the U.S. Census Bureau and the U.S. Department of Housing and Urban Development jointly announced Tuesday.

Sales of new single‐family houses in March 2019 were at a seasonally adjusted annual rate of 692,000.

The median sales price of new houses sold in March 2019 was $302,700, down from $315,200 in February and from $335,400 in March, 2018. The average sales price was $376,000, down from $385,300 in February but up from $369,200 a year earlier.

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.