March new-home sales pace highest since Nov. 2017

WASHINGTON – April 23, 2019 – Sales of newly built, single-family homes rose to a seasonally adjusted annual rate of 692,000 units in March after a slightly revised February report, according to newly released data by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. It’s the highest sales pace since November 2017.

“These numbers indicate that builders who can produce housing at affordable price points will experience sales growth,” says Greg Ugalde, chairman of the National Association of Home Builders (NAHB). “However, builders are still dealing with a shortage of construction workers and buildable lots, which limits housing affordability.”

“We saw a large gain at lower price points where demand is strong,” adds NAHB Chief Economist Robert Dietz. “In March 2019, 50 percent of new home sales were priced below $300,000 compared to 39 percent in March of 2018. These are the price points that are attractive for renters seeking to become homeowners.”

Source:  © 2019 Florida Realtors®

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