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 show that the number of new houses sold rose to 692,000, while the available homes 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’s sales of 662,000 and a 3.0 percent increase compared to the March 2018 estimates of 672,000.
Average New Home Sales Price in March
According to the Bureau and the U.S. Department of Housing announcement, the estimated median price for the houses sold in March is $ 302,700, while the average price for the sales is $ 376000.
Takeaways from the March 2019 new home sales report:
- Purchases of new homes increased in four regions: the mid-west-southwest and the United States, led by the 17.6% jump in the mid-west. The northeast experienced a 22.2% drop, recording the highest reduction 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 properties whose construction had not yet begun rose from 177,000 in February to 200,000 in March 2019. This was a high rate that had not been registered since November 2017. This increase could be attributed to the low mortgage rates on these properties, which have lured people to buy them in preference to the ones under construction or the completed ones.
- According to a Mortgage Bankers Association report, 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 February, while the number of completed homes sold in the seasonally adjusted data increased by 7%.
- The seasonally unedited data showed no increase or decrease regarding completed houses for sale between February and March 2019.
- The number of new homes for sale changed slightly towards the end of the season, recording 77,000 sales, 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 the government shutdown, which lasted until the end of January.
The Census Bureau publishes this report with the Department of Housing and Urban Development.