March new-home sales sprang up, according to the Commerce Department.
New-Home Sales: 692,000
- +4.5 percent from Feb. 2019
- +3 percent from March 2018
For-Sale Inventory: 344,000
Months’ Supply: 6
Median Price: $302,700
What the Industry’s Saying
“These numbers indicate that builders who can produce housing at affordable price points will experience sales growth. However, builders are still dealing with a shortage of construction workers and buildable lots, which limits housing affordability.” – Greg Ugalde, Chairman, National Association of Home Builders
“On the heels of a disappointing existing-home sales report, the underlying fundamental strengths of the housing market came through clearly in March’s new-home sales figures. A strong labor market and sharp mortgage rate declines last month clearly drove buyers into the hands of builders—and importantly, buyers at a variety of price points…The typical sales price for a new home remains higher than the national median for all homes, but it appears builders are finally proving able to meet buyers at more affordable segments—critical to continued strength.” – Matthew Speakman, Economic Data Analyst, Zillow
