New-home sales, despite being adjusted up and down on a regular basis, continued a slow, upward trajectory in March.
Sales of new single-family houses in March 2016 were at a seasonally adjusted annual rate of 511,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development.
This is 1.5% below the revised February rate of 519,000, but up 5.4% from the March 2015 estimate of 485,000.
In addition, the median sales price of new houses sold in March 2016 hit $288,000, while the average sales price reached $356,200.
Looking past the core numbers, Trulia Chief Economist Ralph McLaughlin explained in his analysis that while new home sales in March were down month-over-month, the 12-month rolling total continues to looks solid.
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