Sales Slowdown Hits New Home Market
According to new numbers from the U.S. Census Bureau and the Department of Housing and Urban Development, sales of newly built, single-family homes fell in March. The 15.4 percent decline was the biggest month-over-month drop in six and a half years. But while significant, it wasn't unexpected. Stay-at-home orders put in place to help slow the coronavirus' spread affected sales activity for both existing and new homes. After the drop, new home sales are now 9.5 percent lower than they were last year at the same time. Also in the report, the median sales price of new homes sold in March was $321,400. The average sales price was $375,300. Regionally, sales suffered the biggest declines in the Northeast and West. The Midwest saw sales fall 8.1 percent, while the South was relatively flat. At the end of the month, there were 333,000 new homes available for sale. At the current sales pace, that represents a 6.4-month supply.