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New Home Sales Increase 11.1% in March 2011

Sales of new single-family houses in March 2011 were at a seasonally adjusted annual rate of 300,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 11.1% above the revised February rate of 270,000, but is 21.9% below the March 2010 estimate of 384,000.

The median sales price of new houses sold in March 2011 was $213,800; the average sales price was $246,800. The seasonally adjusted estimate of new houses for sale at the end of March was 183,000. This represents a supply of 7.3 months at the current sales rate.

The pace was not consistent across the country, month over month. Sales in the South decreased 0.6%, while sales in the Northeast rose 66.7%. Sales also increased 12.9% in the Midwest and 25.9% in the West.

For more information on new home sales, read the U.S. Census Bureau News’ joint release with the U.S. Department of Housing and Urban Development, New Residential Sales in March 2011.

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