This March was a great month for new home sales, particularly in the western region of the US.
According to the US Commerce Department, new home sales climbed +4% with a seasonally adjusted annual rate. That 4% increase translates into 694,000 new homes sold during the month of March.
During January and February 2018, the number of new homes sold was revised upward with the annual rate being 644,000 and 667,000 respectively.
Sales of new homes during the first three months of 2018 climbed +10.3% higher than the first three months of 2017. The median sales price of a new home, $337,200, climbed +4.8% from the same period of time last year.
This increase in sales volume in March 2018 has been propelled by a 28.3% increase in the number of new homes sold in the West. The number of new homes sold also increased in the Midwest to the tune of approximately 10%. The number of new homes sold in the South, however, decreased by some 8% and the number of new homes sold in the Northeast plummeted by over 20%. Most housing experts chalk up those decreases to unusually bad weather and storm activity.