Sales of newly constructed homes were up 9.6% in March from February, but were down 3.4% from a year ago, according to a joint report from the US Department of Housing and Urban Development and the US Census Bureau. March’s month-over-month gain is further evidence that the housing market may be stabilizing. Sales of new single‐family houses were at a seasonally adjusted annual rate of 683,000, up from a revised 623,000 in February. Sales were down from last year’s estimated rate of 707,000.
Inventory of new homes available to buy dropped a bit from February. At the end of March, the seasonally adjusted estimate of new houses for sale was 432,000, down from 436,000 at the end of February. This is a supply of 7.6 months at the current sales pace, down from 8.2 months of supply last month. “Buyers have begun to adjust to the elevated mortgage rate levels, especially in areas where home prices have adjusted downwards to compensate,” said Kelly Mangold of RCLCO Real Estate Consulting.
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