New Home Sales Up in March, Better Than Forecast
This morning's release of the March New Home Sales from the Census Bureau came in at 694K, up 4.0% month-over-month from a revised 667K in February. The Investing.com forecast was for 625K.
Here is the opening from the report:
Sales of new single-family houses in March 2018 were at a seasonally adjusted annual rate of 694,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 4.0 percent (±18.6 percent)* above the revised February rate of 667,000 and is 8.8 percent (±17.0 percent)* above the March 2017 estimate of 638,000.
The median sales price of new houses sold in March 2018 was $337,200. The average sales price was $369,900. [Full Report]
For a longer-term perspective, here is a snapshot of the data series, which is produced in conjunction with the Department of Housing and Urban Development. The data since January 1963 is available in the St. Louis Fed's FRED repository here. We've included a six-month moving average to highlight the trend in this highly volatile series.
Over this time frame, we see the steady rise in new home sales following the 1990 recession and the acceleration in sales during the real estate bubble that peaked in 2005.