March new single-family house sales were estimated at a seasonally adjusted annual rate of 384,000, a decrease of about 15 percent from February's figure of 449,000 and a decrease of 13 percent from the number of sales in March last year, 443,000.
"We keep hearing from our members that tight credit conditions are preventing many first-time buyers and younger families from being able to buy a home," said Kevin Kelly, chairman of the National Association of Home Builders. "Congress must outline a clear policy on housing finance so that qualified buyers can get home loans. Otherwise, this continued uncertainty could threaten the housing recovery and overall economy."
Regionally, sales in the Midwest in March fell 21.5 percent. The South and West saw decreases of 14.4 percent and 16.7 percent, respectively.
The median sales price for houses sold in March 2014 was $290,000.
