New Single-Family Home Sales Tumble in March

The U.S. Census Bureau and the U.S. Department of Housing and Urban Development are reporting that the sales of new single‐family houses in March 2020 were at a seasonally adjusted annual rate of 627,000. This is -15.4% below the revised February rate of 741,000 and is -9.5% below the March 2019 estimate of 693,000. The seasonally‐adjusted estimate of new houses for sale at the end of March was 333,000.  This represents a supply of 6.4 months at the current sales rate.