Learning Center

March Home Sales Figures

March Home Sales Figures

According to recent housing reports the housing market is slowing.   The United States Department of Commerce estimated March sales of new single-family houses at a seasonally-adjusted annual rate of 481,000.  This is below the figure from February, which stood at 543,000, a seven-year high but almost 20% higher than for March of 2014.  Sales for the first quarter of 2015 are still higher than for the first quarter of 2014.  New-homes sales last month fell 33% in the Northeast and 15.8% in the South, while the West had a slight loss and the Midwest reported a modest gain.  (Sales are based upon surveys and a sale is counted either as a sales agreement being signed or a deposit being taken for a purchase.  These figures are based on a small sample size and a considerable margin of error.  Sales of new homes account for about 10% of the total housing market.)

The Commerce Department report showed that the median price of a new home sold in March was $277,400.00.  This was down 1.7 % from the March, 2014 figure. (“Median price” means 50% of the homes sold for less than that price and 50% of the homes sold for more than that price.)  The average sales price of a new home sold in March was $343,300.00.

A report from the National Association of Realtors showed existing home sales at a seasonally-adjusted annual rate of 5,190,000, an increase of 6.1% and up in all regions of the country.  This figure is the highest figure in a year and a half.

Various factors influence the housing markets, for example, inventory levels, mortgage interest rates, household incomes, consumer confidence, proportion of first-time home buyers and strength of labor and stock markets.

Newsletter Signup

Subscribe to our newsletter to receive news, updates, and other important information by email.