New home sales continue to drop in US

Source:Xinhua Published: 2014-4-24 9:33:36

Sales of new single-family homes in the United States fell in March to the lowest level since mid-2013, the US Commerce Department reported Wednesday.

Home sales dropped 14.5 percent from the revised February rate to a seasonally adjusted annual rate of 384,000 units, the lowest since July 2013. Sales were down 13.3 percent from a year earlier.

The median sales price of new houses sold in March rose 11 percent to 290,000 US dollars, and was 12.6 percent higher than the year-ago level.

The seasonally adjusted estimate of new houses for sale at the end of March was 193,000 units, which represented a supply of six months at the current sales rate, a higher level compared to that at the end of February.

New home sales, though accounting for only a small share of total sales in the housing market, still have an important impact on job creation and household consumption.

March's decline in new home sales followed a 4.5 percent drop in the previous month, signaling a sputtering housing market which was hindered by rising home prices and higher mortgage rates, as well as harsh winter weather.

A separate report from the National Association of Realtors showed Tuesday that US sales of previously owned homes, which account for about 90 percent of total home sales, fell slightly in March to the lowest level since July 2012.

Posted in: Industries

blog comments powered by Disqus