Economic Buzz: US New Home Sales Drop By 8.6%

27 Apr 2022 , 08:25 AM

US Commerce Department reported that new home sales plunged by 8.6 percent to an annual rate of 763,000 from an upwardly revised rate of 835,000 in February. The steep drop in new home sales came as new home sales in the South plummeted by 10.2 percent to a rate of 414,000, while new home sales in the Midwest plunged by 8.7 percent to a rate of 94,000. New home sales in the West and Northeast also tumbled by 6.0 percent and 5.4 percent to rates of 202,000 and 53,000, respectively. It also mentioned that the median sales price of new houses sold in March was $436,700, up 3.6 percent from $421,600 in February and up 21.4 percent from $359,600 a year ago.

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