Sales of new homes in the United States fell in March to a four-month low despite better supplies and lower prices, government data released on Monday showed.
File photo of a home for sale in Glendale, California. (AFP/File/Robyn Beck)
WASHINGTON: Sales of new homes in the United States fell in
March to a four-month low despite better supplies and lower prices,
government data released on Monday (Apr 25) showed.
The Commerce Department said sales of new single-family houses fell
to an annual rate of 511,000 units, the slowest pace since November, and
down 1.5 per cent from February. Year-over-year, however, sales were up
5.4 per cent.
The West was the only region where sales fell, by a steep
23.6 per cent from February, according to often volatile monthly data.
The Midwest was the best-selling region, up nearly 19 per cent, trailed
by the South and the densely populated Northeast, where sales were flat.
The tight market eased a bit, with supplies rising 2.1 per
cent. With the pace of sales slowing, houses remained on the market for
an average 5.8 months, the longest since September.
The median price of a new house fell to US$288,000 from US$297,400 in February.
"Despite the lackluster totals from the past few months, the
new-home market is still relatively tight and has helped single-family
construction trend upward over the past year," said Andres
Carbacho-Burgos of Moody's Analytics.
New construction slid to a five-month low in March, the Commerce
Department reported last week, but was about 14 per cent higher than a
year ago, signaling continued strength in the economy.
- AFP/de
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