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Tuesday, April 23, 2024

New Home Sales Increase to 693,000 Annual Rate in March; Median New Home Price is Down 13% from the Peak

by Calculated Risk on 4/23/2024 10:40:00 AM

Today, in the Calculated Risk Real Estate Newsletter: New Home Sales Increase to 693,000 Annual Rate in March

Brief excerpt:

The Census Bureau reports New Home Sales in March were at a seasonally adjusted annual rate (SAAR) of 693 thousand. The previous three months were revised down combined.
New Home Sales 2023 2024The next graph shows new home sales for 2023 and 2024 by month (Seasonally Adjusted Annual Rate). Sales in March 2024 were up 8.3% from March 2023.
Note that the median and average price are down due to the mix of homes sold, not because of large price declines. Homebuilders are building less expensive homes to keep up volumes.
There is much more in the article.