US New Home Sales Rise 7.4% in March as Prices Fall
US new home sales rose 7.4% in March to a 682,000 unit rate as weather improved. The median price fell 6.2% to $387,400 while mortgage rates continued to climb.
The United States saw new home sales surge 7.4% to a seasonally adjusted annual rate of 682,000 units in March. This rebound follows a weather-impacted February where sales reached 635,000 units, up from 583,000 in January. While volume is recovering, rising mortgage rates and high inventory levels suggest a cooling period for builders and buyers alike.
### Weather Recovery Meets Mortgage Pressure The Commerce Department Census Bureau reported that the 7.4% March increase marks a 3.3% rise from the previous year. Sales had previously been weighed down by winter storms in January, but the clearing weather allowed buyers to return to the market.
