Washington, D.C. (PPD) — The new residential sales report found new home sales declined, but remained higher than as recent as May 2019 and February was revised higher.
New home sales were below 600,000 in May 2019.
New Home Sales
The U.S. Census Bureau and the Department of Housing and Urban Development reported jointly that sales of new single‐family houses in March 2020 came in at a seasonally adjusted annual rate of 627,000.
This is down 15.4% (±14.8%) from the upwardly revised February rate of 741,000 and down 9.5% (±14.6%) from the March 2019 estimate of 693,000.
Sales Price
The median sales price of new houses sold in March 2020 was $321,400. The average sales price was $375,300.
For Sale Inventory and Months’ Supply
The seasonally‐adjusted estimate of new houses for sale at the end of March was 333,000. This represents a supply of 6.4 months at the current sales rate.
