US new home sales in March 2021 jumped 20.7% month-on-month to reach their highest annual rate of 1.021 million since August 2006, the country’s Commerce Department said. According to the revised data, 846 thousand houses were sold in February, while earlier the figure was announced at 775 thousand.
Analysts on average expected new home sales to rise 12% last month from the previously announced February level to 886,000, according to Trading Economics.
The average price of a new home last month was $ 330.8 thousand, compared with $ 328.2 thousand a year earlier.
The number of new buildings put up for sale at the end of last month was 307 thousand, which is 7% less than a year earlier. As a result, at the current pace of sales, it would take 3.6 months to complete all new developments in the United States. Experts traditionally believe that a 6-month indicator indicates a balanced market.
New real estate accounts for about 10% of the US housing market, but new home sales are registered immediately after the contract is signed, which makes them a more relevant indicator of the state of the market.