New Home Sales Highest Since 2006
This morning's release of the March New Home Sales from the Census Bureau came in at 1.02M, up almost 21% month-over-month from a revised 9846K in February. The Investing.com forecast was for 886K. The median home price is now at $354.6K.
Here is the opening from the report:
New Home Sales
Sales of new single-family houses in March 2021 were at a seasonally adjusted annual rate of 1,021,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 20.7 percent (±23.7 percent)* above the revised February rate of 846,000 and is 66.8 percent (±36.7 percent) above the March 2020 estimate of 612,000.
The median sales price of new houses sold in March 2021 was $330,800. The average sales price was $397,800. [Full Report]
For a longer-term perspective, here is a snapshot of the data series, which is produced in conjunction with the Department of Housing and Urban Development. The data since January 1963 is available in the St. Louis Fed's FRED repository here. We've included a six-month moving average to highlight the trend in this highly volatile series.
Over this time frame, we see the steady rise in new home sales following the 1990 recession and the acceleration in sales during the real estate bubble that peaked in 2005.