New home sales rose in March as buyers looked to new construction due to the low inventory of existing homes for sale.
There were 683,000 new home sales in the U.S. in March, according to the U.S. Census Bureau, up 9.6% from February. Despite the month-to-month increase, new home sales are still down 3.4% compared with March 2022.
"While existing home sales are slowing this spring in the wake of high interest rates keeping sellers locked in, new construction homes are picking up speed on a monthly basis," Zillow Senior Economist Nicole Bachaud said. "The backlog of new construction homes from the building boom across 2021 is working its way to the market, offering fresh listings for buyers who are facing more competition on fewer homes."
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This article originally published at https://dc.urbanturf.com/articles/blog/new_home_sales_rise_in_march_increasing_for_fourth_month_in_a_row/20946.
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