New home sales in March 2022 dropped to their lowest rate since November 2021.

New Home Sales Take Hit in March

Rising home prices, rising mortgage rates and rising inflation percentages forced homebuyers to think long and hard about purchasing a new home in March.  The result of that hard thinking?  New home sales dropped -8.6% m/m and -12.6% y/y, according to data released from the US Census Bureau and the US Department of Housing and Urban Development.


Please choose one answer:

1) I am ready to join EXP Realty. 

2) I am interested in EXP Realty and need more info. 

3) I am not interested in EXP Realty. 


* If you answered “#1” congratulations. You are about to join the fastest-growing real estate company in the world. Tim and Julie Harris are inviting you to join them at EXP Realty. Text Tim directly for the next steps: 512-758-0206. (text only please)

* If you answered “#2” please watch the videos and check out the other intel on this site. . 

* If you answered ‘#3’ no worries. You will want to check out so you can at least know what EXP Realty is and why so many agents are moving to EXP. 

New residential sales in March 2022 looked like this:

  • New Homes Sold: 763,000
  • New Homes for Sale: 407,000
  • Median Sales Price: $436,700

According to RCLCO Principal Kelly Mangold, “A combination of factors has contributed to this decline (in sales) including rising interest rates and rising prices, which have both hindered purchasing power for buyers, and a decline in single-family starts which has left inventory levels low.”

Mangold added, “However, demographics remain a strong driver of housing demand and as the market adjusts to deliver product at price points and formats that align with this demand, sales are likely to be bolstered.”

Prices & Numbers of New Homes

The median sales price of new homes sold during March was $436,700.  The average sales price was $523,900, an increase from February’s revised estimate of $508,100.

The number of new for-sale homes by the end of March 2022 was estimated at 407,000, up +3.8% m/m from February’s revised estimate of 392,000 and up +33.4% y/y.  Industry experts estimated that available for-sale inventory in March represented a 6.4-months’ supply of new homes at the current sales rate.

Existing-Home Sales Dropped in March

According to the National Association of REALTORS® (NAR), existing-home sales fell -2.7% m/m and -4.5% y/y in March 2022.

Lawrence Yun, Chief Economist with NAR, said, “The housing market is starting to feel the impact of sharply rising mortgage rates and higher inflation taking a hit on purchasing power.  Still, homes are selling rapidly, and home price gains remain in double-digits.”

The median existing-home sale price jumped +15.0% y/y at $375,300.  This continued rise in price in March represented the 121st consecutive month of y/y price increases.  Yun expressed caution about this longest-ever streak in rising existing-home prices by warning sellers to not anticipate easy profits in the future.  Quite simply, according to Yun, declining demand due to higher interest rates and higher home prices are scaling back buyer demand and buyer competition via bidding wars.

URGENT: Are You Worried About Having A Slower Start To The Year? Don’t Hit The Panic Button, Learn How To Have Massive Success In A Shifting Market. When You Attend This Exclusive Training You Will Learn 17 Surprising Secrets Of The Top 100 $ Millionaire Agents. Claim Your FREE Spot Now. After You Have Attended This Event You Will Experience A Huge Feeling Of Relief Knowing You Will FINALLY Laugh At Your Money Worries – You Will Have Your Own Personalized 2022 Step-By-Step Business And Lead Generation Plan. Learn Now How To Generate 100’s of Motivated Leads for FREE, Without Coming Off As A Pushy Salesperson and Losing Your Soul. You Will Soon Know How To Become One of the 1000s of Agents Making HUGE Money In This Changing Market. Claim your FREE spot now. YES, I Want To Attend The FREE Webinar! <——Click To Register

P.S. Free Webinar, Limited Space. Less Than 300 Spots Still Available. 

Thanks to Inman.

Claim Your FREE Real Estate Treasure Map!