Sales of new single-family homes fell 8.6% between February and March, from 835,000 units to 763,000, according to the U.S. Census Bureau. The numbers marked a four-month low.
What’s going on: “Affordability issues, higher mortgage rates, supply chain problems and workforce shortages continued to challenge the housing market,” said NAM Chief Economist Chad Moutray.
- Over the past 12 months, the sale of single-family homes has fallen 12.6%, down from 873,000 units in March 2021.
Other numbers are up: The supply of single-family homes on the market has increased from 5.6 months of inventory in February to 6.4 months in March.
- The median sales price for new homes was $436,700 in March, a new record and up 21.4% year-over-year from the $359,600 of a year ago.