Categories Markets

US new home sales hit 16-month high

Obliterating market estimates, sales of new homes in the United States of America rose to a 16-month high in March, according to official US government data on Tuesday.

According to the report published by the Census Bureau and Department of Housing and Urban Development in the US, sales of single-family homes soared 4.5% to 692,000. The median sale price slipped 9.7% to a two-year low of $302,700.

Representational Image: A Housing Complex in Williamsburg, New York
(Courtesy: Daryan Shamkhali)

The numbers indicate that the Fed holding the borrowing costs back, along with low mortgage rates and a lift in wages have aided the housing market — especially after a disastrous past year.

The number of properties sold where construction is yet to commence is now at 200,000 — this has been the highest since November of 2017, indicating that the market is giving confidence to more buyers.

Among all sales, new home buys are 10% of them. The Midwest region recorded a 176% jump in new home purchases, while the Northeast witnessed a 22.2% drop.

The US data in March is an indicator that the market is returning to its original schedule after being offset by the government shutdown that plagued the end of 2018 and ushered in a tumultuous beginning to 2019.
The March figures mark a return to the original schedule following delays from the government shutdown that ended in January.



Browse through our earnings calendar and get all scheduled earnings announcements, analyst/investor conference and much more!

Most Popular

Does Unity Software (U) stock has more room to run?

Last month, the IPO market was in a full swing. IPOs of Snowflake (NYSE: SNOW) and JFROG (NASDAQ: FROG) had an impressive opening day in September, the former creating a

PepsiCo (PEP): Steady snacking habits amid pandemic drive strong quarter for beverage giant

PepsiCo Inc. (NASDAQ: PEP) beat market expectations on both revenue and earnings for the third quarter of 2020. The company saw the momentum continue in its snacks business while the

Does the virus-driven boom make Electronic Arts (EA) a good investment?

With more and more people turning to virtual entertainment sources, amid the virus-related movement restrictions, video game publishers like Electronic Arts (NASDAQ: EA) are witnessing unusually high demand. Not surprisingly,

Leave a Reply

Your email address will not be published. Required fields are marked *


Add Comment

Viewing Highlight