New single-family home sales jump in March – The Property Chronicle
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New single-family home sales jump in March

Residential Investor

Sales of new single-family homes rose sharply in March, increasing 20.7% to 1.021 million at a seasonally adjusted annual rate from a 846,000 pace in February. Sales are an astonishing 66.8% above the year ago level (see top of first chart). Sales were up in three of the four regions of the country in March with strong double-digit gains in the Northeast, the South, and the Midwest but a 30.0% drop in the West. From a year ago, sales are also up in three regions: 78.4% in the Midwest, 90.1% in the South, and 108.7% in the Northeast, but down 2.0% in the West.

While sales of new single-family homes rose in March, sales in the market for existing single-family homes, which account for around 90% of total existing-home sales, fell 4.3%, coming in at a 5.30 million seasonally adjusted annual rate. From a year ago, sales are up 10.4%. The March pace is the ninth consecutive month above the 5 million mark but is down from a recent peak of 6.01 million in October 2020 (see top of first chart).

Residential Investor

About Robert Hughes

Robert Hughes joined the American Institute for Economic Research in 2013 following more than 25 years in economic and financial markets research on Wall Street. He was formerly the Head of Global Equity Strategy for Brown Brothers Harriman, where he developed equity investment strategy combining top-down macro analysis with bottom-up fundamentals. Prior to that, he was a senior equity strategist for State Street Global Markets, senior economic strategist with Prudential Equity Group and senior economist and financial markets analyst for Citicorp Investment Services.

Articles by Robert Hughes

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