Facebook Twitter Instagram
    Mortgage.info
    • First Time Homebuyer
    • Loan Programs
    • VA Programs
    • Refinancing
    • Beyond the Mortgage
    Mortgage.info
    Home»Buying a Home»Census Bureau: New Home Sales, Prices Up in March
    Buying a Home

    Census Bureau: New Home Sales, Prices Up in March

    JustinBy JustinMay 2, 2017Updated:May 4, 2017No Comments3 Mins Read
    Facebook Twitter Pinterest LinkedIn Tumblr Email
    Share
    Facebook Twitter LinkedIn Pinterest Email

    Census Bureau- New Home Sales, Prices Up in March

    March continued the upward trend of new home sales seen at the start of 2017, just a thousand units shy of July 2016’s sales record. This is according to the U.S. Census Bureau and HUD’s latest statistics that recorded gains in new home sales, supply of for-sale new homes, and median home prices.

    We can help you find a lender for your new home purchase.»

    Rising New Home Sales

    Last month marks the third consecutive month that new home sales grew. As seasonally adjusted, March recorded 621,000 new home sales, a 5.8% increase from February’s 587,000 units and a 15.6% increase from a year ago’s 537,000 units.

    In March, the South region had the highest number of new home sales with 323,000 units, followed by the West with 175,000 units, the Midwest with 84,000 units, and the Northeast with 39,000 units.

    If not seasonally adjusted, there were 58,000 new homes sold during the relevant period compared to 48,000 unit sales in February.

    March’s new home sales data matched with a higher volume of new home purchase mortgage applications during the end of the month.

    home sales

    By the end of March, 268,000 new home units were up for sale. This number represented a 1.1% increase from 265,000 units for sale by the end of February, and a 9.8% increase from an inventory of 244,000 units back in March 2016.

    March’s for-sale inventory represented a supply of 5.2 months at the current sales rate.

    Click here to find reputable lenders.»

    Rising Home Prices

    The median sales price in March was $315,100, up from $293,100 in February. New homes sold at an average price of $388,200.

    The rise in home prices is monitored by the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, which showed an annual gain of 5.8% in February compared to January’s 5.6% gain. This is a fourth consecutive all-time high for the index that tracks home prices in all nine census divisions in the US.

    Per the S&P/CoreLogic Index, the city of Seattle led the pack of cities with the highest increases in home prices with 12.2%; Portland came in second with a 9.7% gain and third is Dallas with 8.8%. Fifteen other cities also recorded home price increases through February 2017.

    A separate report from Black Knight revealed that its Home Price Index reached a new post-crisis peak in February of $268,000. This represented a year-over-year increase in home prices of 5.7% and an increase of 1% since the beginning of 2017. The HPI is a micro-level valuation of nearly 90% of U.S. residential properties.

    Talk to a lender today.»

    Justin
    + posts

    Justin McHood is a managing partner at Suited Connector and has been recognized by national media outlets as a financial expert for more than a decade.

    • Justin
      https://mortgage.info/author/justin/
      House Bill Adjusts HMDA Requirements for Small Lenders
    • Justin
      https://mortgage.info/author/justin/
      Senators Propose Measures to Protect Consumer Data Post-Equifax Breach
    • Justin
      https://mortgage.info/author/justin/
      HUD: $2-Bil. Funding to Fight Homelessness in Local Communities
    • Justin
      https://mortgage.info/author/justin/
      What Does the New Year Hold for HELOCs? Projections, Rates in 2018
    Black Knight HPI Census Bureau home prices March new home sales report median home price new home sales new residential sales survey S&P CoreLogic Case-Shiller Home Price Index
    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    Justin

    Justin McHood is a managing partner at Suited Connector and has been recognized by national media outlets as a financial expert for more than a decade.

    Related Posts

    The 4 Questions You MUST Ask Before Hiring a Real Estate Agent!

    December 10, 2022

    The ABCs of Home Buying: How Much House Can You Afford?

    November 24, 2022

    Renting vs Buying: Which is Best for You?

    November 17, 2022
    Mortgage.info
    © 2023 Mortgage.info Designed by ThemeSphere.

    Type above and press Enter to search. Press Esc to cancel.