New homes sales tumble 11.4% in March

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WASHINGTON (MarketWatch) — Sales of new single-family homes tumbled 11.4% to an annual rate of 481,000 in March, pulling back from a seven-year high reached.

NAR said existing home sales plunged by 4.9 percent to an annual rate of 5.21 million in March after soaring by 11.2 percent to a revised rate of 5.48 million in February. Economists had expected.

New home sales tumble:. down 11.8 percent from the revised record high rate of nearly 1.24 million in March, when mortgage rates were near a 40-year low.. with half of all new homes costing. Should real estate agents disclose murder?

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And in another bright spot, the inventory of homes available for sale last month fell to 3.29 million units, the lowest since March 2006. At December’s sales pace, that represented 7.2 months’ worth.

New Home Sales Collapse In April. 12% of new homes sold in April cost more than $500,000, down from 18% last month. Months’ supply at 5.7 in April compared to 4.9 in March. And the biggest driver of new home sales collapse was in The West – which saw a 26.3% collapse – the most since Oct 2010.

it is understandable why sales volumes are falling across most parts of New Zealand." Median house prices nationally.

. sales were up 11.4%. And their prices are at an eight-month high, with the median price of a new property up 6.2% year-over-year to $233,700 in February. That’s despite the large portion of buyers.

The Commerce Department said Tuesday that new-home sales skidded 11.4 percent in April to a seasonally adjusted annual rate of 569,000. It was the biggest monthly drop since March 2015.

The outlook for new home sales has been more optimistic of late. Through the first three months of 2019, more new homes were sold than in the same period in 2018. Home price growth is finally slowing as builders finally build smaller, more affordable homes and price cuts become more common.

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The median price for homes sold in April was $257,900, which was 5.3% higher than a year ago. Price increases are still much stronger than wage gains. read: mortgage rates march even higher, reach new.