Sales of new single-family houses in March 2015 were at a seasonally adjusted annual rate of 481,000, according to estimates released in April by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 11.4 percent below the revised February rate of 543,000, but is 19.4 percent above the March 2014 estimate of 403,000.
The median sales price of new houses sold in March 2015 was $277,400; the average sales price was $343,300. The seasonally adjusted estimate of new houses for sale at the end of March was 213,000. This represents a supply of 5.3 months at the current sales rate.
"After two robust months of new home sales, some readjustment is inevitable," said David Crowe, chief economist of the National Association of Home Builders (NAHB). "This is the best first quarter since 2008, and attractive mortgage rates and pent-up demand should keep the market moving in the right direction."
"Our surveys show that builders remain optimistic about the housing market," said NAHB Chairman Tom Woods, a home builder from Blue Springs, Mo. "We expect this spring to be a better buying season than we've seen in recent years."
Regionally, new home sales rose 5.9 percent in the Midwest. Sales fell 33.3 percent in the Northeast, 15.8 percent in the South and 3.4 percent in the West.