New home sales grew 4.5% in March to a seasonally adjusted annual rate of 692,000, according to the U.S. Census Bureau and U.S. Department of Housing and Urban Development.
Sales are up 3.0% compared with March 2018.
Year-over-year, sales dropped 17.6% in the Northeast, 8.1% in the Midwest and 5.9% in the West. Sales in the South increased 9.6%.
The median sales price for new homes in March was $302,700, with an average sales price of $376,000.
March ended with a seasonally adjusted estimate of 344,000 new homes for sale, a 6.0-month supply at the current sales pace.
The full new home sales report can be found here.
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