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New-home sales surge 21% in March

by John Yellig

Sales of new single-family homes rose 20.7% month over month in March to a seasonally adjusted annual rate of 1,021,000, the U.S. Census Bureau and the Department of Housing and Urban Development said in a release.

Year over year, the pace of sales was up 66.8% nationwide.

The median sales price fell in March to $330,800 from $345,900 in February and rose relative to March 2020, when the median price was $328,200.

The seasonally adjusted estimate of new houses for sale at the end of March was 307,000, or a supply of 3.6 months at the current sales rate.

The rate of homes sold during March surged 108.7% year over year in the Northeast, 90.1% in the South and 78.4% in the Midwest. It slowed 2% in the West.

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