New Home Sales Rise in March, Increasing For Fourth Month in a Row
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."
See other articles related to: new home sales
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.
Most Popular... This Week • Last 30 Days • Ever
Nearly 1,400 residential units are on the boards around Union Market, about the same ... read »
Plans are moving forward at the site of a long-planned project in Ivy City, however w... read »
Up 8% year-over-year, it is the first time that prices have exceeded $800,000 for det... read »
As a homeowner, it's important to understand the types of insurance you need to prote... read »
If there was ever a place where the old adage “one man’s trash is another man’s... read »
- Hotels, A Public Park and The 1,400 Units In The Works For Union Market
- Douglas Development Pitches Large Warehouse For New City Site Along New York Avenue
- The Price For A House in The DC Area Hit A New High in April
- What Types of Insurance Do You Need When You Own a Home?
- Tile, Furniture, Appliances & (Much) More -- The Local Warehouse Chock Full of Salvaged Home Goods
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Start browsing below!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro