New home sales continued to rise in March, jumping 20.7% compared with February and 66.8% compared with March 2020, according to the U.S. Census Bureau and U.S. Department of Housing and Urban Development.
The massive year-over-year increase can be attributed to the slowdown in home sales that occurred in March 2020, due to the pandemic, which was just beginning at the time.
News home sales as of March were at a seasonally adjusted annual rate of 1.021 million, up from 846,000 the previous month and up from 612,000 a year earlier.
The median sales price of new home sold in March was $330,800. The average sales price was $397,800.
As of the end of the month there were about 307,000 new homes available for sale nationwide. That’s about a 3.6-month supply at the current sales rate.
The increase in new home sales is likely to continue as builders ramp up production. Housing starts jumped almost 20% in March compared with February, the Census Bureau reported last week. That’s up 37% compared with March 2020 – however, much of the annual increase was, again, due to the pandemic.
Photo: Todd Kent