Overview
- The Census Bureau, which reported Tuesday, said new-home sales rose 7.4% in March to a 682,000 annual pace.
- Sales also picked up in February after January's winter storms, rising to a 635,000 pace from 583,000.
- The median price fell 6.2% from a year earlier to $387,400, the lowest since 2021 as builders used price cuts and perks to move stock and as cheaper regions made up more sales.
- New-home supply stayed elevated at 481,000, equal to 8.5 months of inventory, which has pushed builders to scale back speculative starts.
- Mortgage rates climbed from about 5.98% in late February to 6.46% in early April, a rise that analysts say could slow future sales.