New Home Sales last month rose 8.8% from only the month before, with an annual rate of 693,000. That’s 3.7% higher than even the optimistic expectations, but only 8.3% higher than a year ago.
The median sales price of new houses sold in March 2024 was $430,700, while the average price was $524,800. At the end of last month, there were 477,000 new homes for sale across the country, which represents an 8.3 month supply. Statistically, that puts new homes in a “buyer’s market” category, while existing home sales are still clearly being controlled by sellers.
