Lower Interest Rates Help Boost March New Home Sales
The median sales price was $302,700, with strong gains in homes sold at lower price points.
Sales of newly built, single-family homes rose to a seasonally adjusted annual rate of 692,000 units in March 2019 after a slightly revised February report, according to data released by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. This is the highest sales pace since November 2017.
“These numbers indicate that builders who can produce housing at affordable price points will experience sales growth,” said Greg Ugalde, chairman of the National Association of Home Builders (NAHB) and a home builder and developer from Torrington, Conn. “However, builders are still dealing with a shortage of construction workers and buildable lots, which limits housing affordability.”