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New home sales spring forward as 2019 selling season begins

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Sales of U.S new houses, those under construction and property whose construction is yet to begin have unexpectedly risen in March 2019, exceeding the estimates that had been made from survey data. The statistics obtained from sample surveys shows that the number of new houses sold rose to 692, 000, while the available houses for sale were 344,000 and the median price for March 2019 was $ 302,700.

New Home Sales March 2019

Sales of new single‐family houses in March 2019 registered a 4.5 increase compared to the previous month sales of 662,000 and and a 3.0 percent increase in comparison to the March 2018 estimates of 672,000.

Average New Home Sales Price in March

According to the announcement made by the Bureau and the U.S department of housing the estimated median price for the houses sold in March is $ 302,700 while the average price for the sales is $ 376000.

U.S. new home sales up 3% year over year in March 2019.

Takeaways from the March 2019 new home sales report:

  • Purchases of new homes increased in four regions; the mid-west-southwest and united states led by the 17.6% jump in the mid-west. The north east experienced a 22.2% drop recording the highest drop in houses sold since the previous year in July.
  • The table with the data that is not seasonally adjusted projected a decline in the median sales price from 315,200 to 302,700 and the average sales price from 385,300 to 376,000 from February 2019 to March 2019.
  • The sales for property whose construction had not yet begun rose for 177,000 in February to 200,000 in March 2019. This was a high rate that has not been registered since November 2017. This increase could be attributed to the low mortgage rates on these properties have lured people to buy them in preference to the ones under construction or the completed ones. According to a report by Mortgage Bankers Association, the month of March has reached the highest number of loan applications to buy property over the past nine years.
  • The number of houses sold under the current sales rate increased for the month of February while the number of completed houses sales in the seasonally adjusted data increased by 7%. In the seasonally unedited data, there was no increase or decrease in regards to completed houses for sale between the month of February and that of March 2019.
  • The number of new homes for sale changed a little towards the end of the season recording 77,000 sales which is the highest increase rate for the past nine years.

These figures from the March announcement show a return to the original schedule which has been delayed due to government shut down which lasted up to the end of January. This report is published by the Census Bureau in conjunction with the Department of Housing and Urban Development.

The 2019 spring home selling season begins for the U.S. housing market.

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