New US Home Sales Surge in March: Commerce Department Report
Discover the latest government data showing a significant 8.8% increase in new home sales in the United States in March, exceeding market expectations.
Sales of new homes in the United States saw a significant increase last month, as reported by the Commerce Department in fresh government data released on Tuesday. The data revealed that there were 693,000 new single-family houses sold in March, marking an 8.8 percent rise from the revised February rate of 637,000. This figure surpassed market expectations of 670,000 new homes, according to Briefing.com.
In terms of pricing, the median sales price of new homes sold in March was $430,700, with the average sales price coming in at $524,800. The Federal Reserve's efforts to combat inflation through interest rate hikes have led to an increase in mortgage costs for many Americans. This has resulted in existing homeowners being less inclined to sell their properties and take on new mortgages at higher rates.
The longer-term nature of US mortgages, typically lasting 15 or 30 years, means that individuals with existing fixed mortgages are paying considerably less than new buyers entering the market. As a result, there has been a decrease in the supply of existing homes for sale, leading to heightened demand for new properties that do become available.
The rise in new home sales in March reflects the ongoing impact of the Federal Reserve's interest rate policies on the housing market. The combination of higher mortgage costs and reduced incentives for existing homeowners to sell has contributed to a shift in the dynamics of the real estate sector.
New US Home Sales Surge in March: Commerce Department Report
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