New Residential Single-Family Home Sales Soar in March

The U.S. Census Bureau reported that new residential single-family home sales for March 2021 were at a SAAR of 1,021,000, according to estimates. This is 20.7% above the revised February rate of 846,000 and is 66.8% above the March 2020 estimate of 612,000. The seasonally adjusted estimates of new houses for sales at the end of March was 307,000. This represents a 3.6 months’ supply based on the current rate of sales. The median sales price of new houses sold in March 2021 was $330,800. The average sales price was $397,800.