The More You Know: New Home Sales Rise in March Despite Construction Costs and Material Supply Disruptions

Great news for the housing market as newly built home sales in the US surged by 9.6% in March, buoyed by lower mortgage rates and limited inventory. This increase in sales comes as builders continue to grapple with the challenges of increased construction costs and supply disruptions. However, sales are still down 3.4% compared to a year ago due to shortages in electrical transformer equipment and building material price volatility. The median new home sale price has also risen to $449,800, up 3.2% compared to a year ago.