New homes sales in March were down 14.5
percent from sales in February to a seasonally adjusted annual rate of 384,000.
The New Residential Sales report issued
today by the U.S. Census Bureau and the U.S. Department of Housing and Urban
Development February revised February sales numbers to 449,000 from the
original report of 411,000. March 2014 sales
were 13.3 percent lower than the estimated 443,000 new home sales in March
On a non-seasonally adjusted basis an
estimated 36,000 new homes were sold in March compared to 37,000 in February
and 41,000 in March 2013.
Sales in all four regions were also
lower than a year earlier and only the Northeast saw an improvement on a monthly basis, with sales rising
12.5 percent from February. Annual sales fell 22.9 percent in that
region. Sales in the Midwest were down 21.5
percent from February and 17.7 percent compared to a year earlier. In the South sales fell 14.4 percent for the
month and 3.8 percent on an annual basis, and in the West new home sales
decreased 16.7 percent and 27.9 percent for the two periods respectively.
An estimated 193,000 new homes were
available for sale at the end of March, a 6.0 month supply. In February the 187,000 homes in the
inventory constituted a 5.0 month supply at the then current rate of
sales. Inventories have hovered in the
189,000 range since the beginning of the year but have improved from a year
earlier when 154,000 homes were available for sale, a 4.2 month supply.
The median price of a home sold in March
reached a record $290,000. The and the average price was $334,200. In March 2013 the median was $257,500 and the
average was $300,200.