Stand out in crowded search results. Get high-res Virtual Staging images for your real estate quickly and effortlessly. (Get started for free)
"Why have new home sales seen an increase as a percentage of total sales recently?"
New home sales in the United States have been increasing, with a recent 8.8% increase in March 2024, reaching a seasonally adjusted annual rate of 693,000.
New home sales make up about 10% of the overall housing market.
The recent increase in new home sales is attributed to factors such as increased supply and builder incentives in the new construction market.
Despite higher mortgage rates, new home sales have been rising, with a 1.5% increase in September 2021 and a 4.1% increase in April 2023.
New construction homes are playing a bigger role in the housing market than they have in at least four decades.
New home sales can be volatile and are considered a leading indicator of the housing market.
Economists predict that mortgage rates, which have been falling in recent weeks, may still impact new home sales.
The median sale price for a new home increased to $430,700 in March 2024, 60% higher than in February but 19% lower than one year earlier.
The median sale price of new homes in the United States increased 34% to $377,700 in December 2023.
The median sales price of new houses sold in the United States rose to $420,700 in January 2024.
The seasonally adjusted annual rate of new homes for sale in January 2024 was 456,000, with a supply of 83 months at the current sales rate.
New single-family home sales in the United States soared in March 2024, with a 88% increase, reaching a seasonally adjusted annual rate of 693,000.
The total housing starts were down 21% from the previous quarter but up 80% over the four-quarter period in the third quarter of 2021.
The inventory of homes on the market rose for both new and existing homes in the third quarter of 2021.
The shares of single-family and multifamily housing starts were at the respective rates of 70% and 29% in the third quarter of 2021.
Stand out in crowded search results. Get high-res Virtual Staging images for your real estate quickly and effortlessly. (Get started for free)