New Home Sales: March 2014

Today, the U.S. Census Department released its monthly New Residential Home Sales Report for March showing a notable decline with sales falling a whopping 14.5% from February dropping 13.3% below the level seen in March 2013 and remaining at an historically low level of 384K SAAR units.

The monthly supply increased to 6.0 months (considered fairly balanced between buyers and sellers) while the median selling price jumped 12.62% and the average selling price increased 11.33% from the year ago level.

The following chart show the extent of sales decline to date (click for full-larger version).