Photo: Kim Snyder/Flickr
Though sales dipped month-to-month, March sales for new construction single-family homes saw significant growth over last year.
The US Department of Housing and Urban Development estimates sales were at a seasonally adjusted annual rate of 481,000, an 11.4 percent drop from the revised February rate, but a 19.4 percent increase over the March 2014 estimate.
It was the West that largely boosted the numbers. In March, the region saw a 57.3 percent increase in new home sales, year-over-year. It was followed by the South at 14.6 percent. Both the Northeast and Mideast saw new single-family home sales decline at 20 percent and 3.6 percent, respectively.
Year-to-date, there were 129,000 actual sales, up 21.9 percent from the same time period last year.
The median price of new houses sold in March was $277,400 while the the average price was $343,300. The report comes fresh off the heels of new numbers from the National Association of Realtors (NAR). Looking at sales of existing homes throughout the US in March, NAR found the largest amount of buyers, 44.5 percent, purchased a home within the $100,000 to $250,000 range.