WASHINGTON – The U.S. Department of Housing and Urban Development (HUD) and the U.S. Census Bureau have released new residential sales statistics for March 2024. According to the joint announcement, sales of new single‐family houses in March 2024 were at a seasonally adjusted annual rate of 693,000.
The median sales price of new houses sold in March 2024 was $430,700, with the average sales price reported at $524,800. Additionally, the seasonally‐adjusted estimate of new houses for sale at the end of March was 477,000.
These figures show positive trends in the housing market compared to previous months, with a notable increase in sales and prices. The April report is scheduled for release on May 23, 2024, providing further insights into the housing market's performance.
The U.S. Census Bureau and HUD also provided some explanatory notes regarding the statistics, highlighting the sampling variability and potential errors in the data. They emphasized the importance of considering confidence intervals and sampling variability when interpreting the results.
The full text and tables for this release can be found at www.census.gov/construction/nrs/. The Census Bureau reminds readers that changes in seasonally adjusted statistics may show irregular movement and that it takes time to establish a trend for new houses sold.
Overall, the latest report on new residential sales in March 2024 indicates a positive trajectory for the housing market, with increasing sales rates and prices.
