• There were 763,000 new home sales nationwide in March (SAAR), down 8.6% from February and 12.6% from March 2021, according to the U.S. Census Bureau.
• The median sales price of new houses sold in March 2022 was $436,700.
• The seasonally-adjusted estimate of new houses for sale at the end of March was 407,000, a supply of 6.4 months at the current sales rate.

Despite rising interest rates and roadblocks for new construction, builders are continuing to sell homes at a rate higher than those seen in the decade prior to the pandemic. With near record low inventory of existing homes this spring, prospective buyers are leaving no stone unturned and looking at all corners of the market for the best available options. When it comes to new permits and housing starts, builders remain confident, which is likely due to the current market conditions. After a decade of underbuilding for a wave of potential first-time buyers, there’s plenty of demand waiting in the wings – a compelling reason for builders to keep up the pace.