New Residential Home Sales Advance 11 Percent in March
Month-over-month sales continue to track lower than 2010 rates.
Sales of new single-family houses in March 2011 were at a seasonally adjusted annual rate of 300,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 11.1 percent (±21.7%)* above the revised February rate of 270,000, but is 21.9 percent (±10.3%) below the March 2010 estimate of 384,000.
The median sales price of new houses sold in March 2011 was $213,800; the average sales price was $246,800.
The seasonally adjusted estimate of new houses for sale at the end of March was 183,000. This represents a supply of 7.3 months at the current sales rate.
