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Single-Family New Home Sales Jump Nearly 20 Percent Year-Over-Year

for-saleAccording to a joint residential sales report released today, the U.S. Census Bureau, and the Department of Housing and Urban Development (HUD) estimate that 481,000 new, single-family homes were sold in the United States in March.

This is 11.4 percent below the revised February sales numbers of 543,000. However, when compared to March of one year ago, they’re up significantly—jumping 19.4 percent from 403,000.

The report also reveals that the median sales price of homes sold in March was $277,000, while the average price was $343,000. Additionally, by the end of March, the number of new homes on the market was 213,000. At the current sales rate, this supply should last approximately 5.3 months.

Results of the report are gathered through sample surveys, and the majority of houses are chosen randomly from selected building permits. Census field representatives collect the data, visit permit offices, and track when single-family units are started, completed and sold.

The estimates are often revised, as data is updated and collected on an ongoing basis. Typically, these revised numbers are released a few weeks after the original reports, and they do not represent a major shift or change in trends.

HUD and the Census Bureau release residential sales reports on a monthly basis. April’s report will now include estimates of houses sold and for sale by construction stage, both on a seasonally adjusted and a non-seasonally adjusted basis. Historical data on these numbers will be available through the Census, dating back to January 1999. The next report will be released on May 26, 2015. To see this month’s full report, visit Census.gov.

In addition to improving new home sales, Auction.com announced yesterday that existing home sales are on the rise, too. In its April 2015 Real Estate Nowcast, Auction.com revealed that targeted sales rates of existing homes would be 5.31 million for April,  up 2.3 percent from March and more than 11 percent from April 2014.

About Author: Aly J. Yale

Aly J. Yale is a freelance writer and editor based in Fort Worth, Texas. She has worked for various newspapers, magazines, and publications across the nation, including The Dallas Morning News and Addison Magazine. She has also worked with both the Five Star Institute and REO Red Book, as well as various other mortgage industry clients on content strategy, blogging, marketing, and more.
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