March sees an 9% surge in US new single-family home sales

In March, the seasonally adjusted annual rate (SAAR) for new residential single-family home sales reached 693,000, indicating an 8.8% increase from the revised February rate of 637,000 and an 8.3% rise from the March 2023 estimate of 640,000.

The median sales price of newly sold houses in March was recorded at $430,700, with an average sales price of $524,800.

By the end of March, there were an estimated 477,000 new houses available for sale, amounting to an 8.3-month supply based on the current sales rate.