Sales of new single‐family houses (New Home Sales) in March 2024 rose 8.8% from February to an annual rate of 693,000 versus 668,000 expected and up 8.3% above the March 2023 estimate of 640,000. The median sales price of new houses sold in March 2024 was $430,700; the average price was $524,800. There were 477,000 new homes for sale at the end of March. This represents a supply of 8.3 months at the current sales rate, above 6 months which is considered normal.
The takeaway... with low supplies of existing homes, the new home sale market is an alternative as builders offer incentives such as lower mortgage rates, assistance with closing costs, and complimentary upgrades or options.
