The Home Buyer's Korner

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April 23rd, 2015

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New Home Sales for March 2015

New Home Sales

New home sales tumbled in March and was the largest drop in more than a year and a half and breaking a straight three-month gain for the market. Is it a temporary setback for the new home market or are there more underlying problems?

The Commerce Department said today that sales declined 11.4 percent to a seasonally adjusted annual rate of 481,000 units. That was the biggest percent drop since July 2013 while February’s sales pace was revised up to 543,000 units from 539,000 units and the highest level since February 2008.

Some housing economists were polled earlier and had forecast new home sales, which account for 10 percent of the market, falling only to a 513,000 unit pace last month. While, data on Wednesday showed that sales of previously owned homes hit an 18-month high in March.

New homes sales dropped 33.3 percent in the Northeast and 3.4 percent in the West. Sales in the South dropped 15.8 percent, the biggest decline since July 2013. They rose 5.9 percent in the Midwest.

The stock of new houses available on the market rose 1.9 percent last month to 213,000. Supply still remains less than half of what it was at the height of the housing boom. At March’s sales pace, it would take 5.3 months to clear the supply of houses on the market, up from 4.6 months in February.

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