New Home Sales Dipped in March

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.