New home sales dropped significantly in March to an annual rate of about 481,000 units – a decrease of 11.4% compared to the revised February rate of about 543,000 units but 19.4% above the March 2014 estimate of 403,000 units, according to figures released by the U.S. Census Bureau and the U.S. Department of Housing and Urban Development.
The median sales price of a new home sold in March was $277,400; the average sales price was $343,300.
As of the end of March, there were about 213,000 new homes for sale, nationwide – about a 5.3-month supply at the current sales rate.
Looking at new home sales for March by region, the Northeast took a beating, with sales dropping 33.3% compared to February. In the South, new home sales were down 15.8%, month over month. In the West, they were down about 3.4%.
The only region where new home sales were up was the Midwest, where they rose 5.9%.