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Update USA Housing – Revised
Housing improved overall in March. Purchases of new, single-family homes increased by 5.8% to an annual rate of 621,000 units. Compared to last year at this time, purchases are up 15.6%. The median sale price for a new home rose 1.2% in March to $315,000. Existing home prices increased 5.6% according to the National Association of Realtors. Inventory is down to 3.8 months. A “normal” market generally has 6.0 months available. New home construction rate is now at 1.2 million units annually. Overall, housing is continuing a favorable long-term direction and in line with our expectations.