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What are the latest trends and figures for new home sales in the United States?
New home sales in the US are reported by the Census Bureau and HUD, jointly releasing data on the 23rd of each month for the previous month.
The seasonally adjusted annual rate (SAAR) of new home sales in March 2024 was 693,000, an 8.8% increase from the previous month.
The median sales price of new homes in March 2024 was $430,700, a 1.8% decrease from the previous year.
There were 477,000 new homes for sale in March 2024, representing approximately 8.3 months of supply at the current sales rate.
Sales of new single-family homes in the US have seen a year-over-year increase for the first time since August 2022.
The SAAR of new home sales in March 2024 was 8.3% higher than the same month in the previous year.
Despite elevated mortgage rates, new home sales saw a significant increase in March 2024, up 8.8% from the previous month.
The new home sales data is closely watched as a leading indicator of the real estate market, influenced by factors such as household income, unemployment, and interest rates.
The median sales price of new homes in March 2024 was at its lowest level since February 2023, providing a more affordable option for homebuyers.
The SAAR of new home sales in the South region of the US saw the most significant increase, up 16.1% from the previous month.
The SAAR of new home sales in the Northeast region of the US saw a decrease of 16.7% from the previous month.
The SAAR of new home sales in the Midwest region of the US increased by 6.5% from the previous month.
The SAAR of new home sales in the West region of the US decreased by 0.6% from the previous month.
The average sales price of new homes in March 2024 was $524,800, down 1.5% from the previous month.
The SAAR of new home sales for homes priced below $300,000 in March 2024 decreased by 13.3% from the previous month.
The SAAR of new home sales for homes priced between $300,000 and $399,999 in March 2024 increased by 24.5% from the previous month.
The SAAR of new home sales for homes priced between $400,000 and $499,999 in March 2024 decreased by 2.3% from the previous month.
The SAAR of new home sales for homes priced between $500,000 and $749,999 in March 2024 increased by 2.9% from the previous month.
The SAAR of new home sales for homes priced above $750,000 in March 2024 decreased by 2.2% from the previous month.
In March 2024, the SAAR of new home sales for homes priced between $500,000 and $749,999 accounted for the largest share of new home sales, at 30.5%.
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