March New Home Sales Tumble 14.5%

by Christopher Freeburn | April 23, 2014 12:24 pm

On Wednesday, the Census Bureau said that sales of new single family homes[1] dropped sharply last month.

home for sale new home sales[2]New home sales in March fell to a seasonally-adjusted annual pace of 384,000 units. That was far below the annual rate of 450,000 units forecast by economists and a 14.5% drop from the revised annual rate of 449,000 units seen in February, USA TODAY notes.

The government also said that the median price of a new home rose to $290,000, up 13% over the same time last year.

During March, new home sales sank 21.5% in the Midwest, compared to February. New home sales fell 16.7% in the West and 14.4% in southern states.

However, despite harsh winter weather, new home sales climbed 12.5% in Northeastern states.

Homebuilder stocks fell after the release of the new home sales data. Ryland Group (RYL[3]) shares fell more than 3%, while Toll Brothers (TOL[4]) and  DR Horton (DHI[5]) shares each fell more than 2%.

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  6. Existing Home Sales Hit 1-1/2 Year Low:
  7. Z Stock: Zillow Taps Into an $11 Billion Real Estate Opportunity:
  8. Can Real Estate Bounce Back This Spring?:

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