The Census Bureau also reported that the median sales price for new homes sold in March was $247,000, about 6.8% below the February median, and the average sales price was $279,900, down about 9.7% from February. The median sales price for a new house in February was $264,900 and the average sales price was $310,000.
At the end of March, the number of new homes for sale totaled 153,000, a supply of 4.4 months, up slightly from an inventory totaling 150,000 at the end of February.
The decline in the median sales price of a house fell by the greatest amount since February 2011. That could be due primarily to seasonal factors.
The inventory level essentially was unchanged in the month of March. Again that could be due to seasonal factors. But inventory levels are growing and that is a positive sign for the housing market going into the spring and summer selling season.
Get Ready To Retire (Sponsored)
Start by taking a quick retirement quiz from SmartAsset that will match you with up to 3 financial advisors that serve your area and beyond in 5 minutes, or less.
Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests.
Here’s how it works:
1. Answer SmartAsset advisor match quiz
2. Review your pre-screened matches at your leisure. Check out the advisors’ profiles.
3. Speak with advisors at no cost to you. Have an introductory call on the phone or introduction in person and choose whom to work with in the future
Get started right here.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.