Sales of New Single-Family Homes Increased in March
Even as builders continue to grapple with increased construction costs and material supply disruptions, sales of newly built, single-family homes in March increased 9.6% to a seasonally adjusted annual rate of 683,000, according to newly released data by the United States Department of Housing and Urban Development and the U.S. Census Bureau.
“A lack of resale inventory combined with many builders offering price incentives helped to push new home sales higher in March,” said Alicia Huey, chairman of the National Association of Home Builders (NAHB) and a builder and developer from Birmingham, Alabama. “However, sales are down 3.4% compared to a year ago because of the shortage of electrical transformer equipment and building material price volatility.”