{"id":9694,"date":"2023-04-27T12:00:00","date_gmt":"2023-04-27T16:00:00","guid":{"rendered":"https:\/\/www.realtyhop.com\/blog\/?p=9694"},"modified":"2023-04-27T12:01:22","modified_gmt":"2023-04-27T16:01:22","slug":"new-home-sales-increased-in-march-2023","status":"publish","type":"post","link":"https:\/\/www.realtyhop.com\/blog\/new-home-sales-increased-in-march-2023\/","title":{"rendered":"New Home Sales Increased in March 2023"},"content":{"rendered":"

New Home Sales Increased in March 2023<\/h1>\n

According to the U.S. Census Bureau and the U.S. Department of Housing and Urban Development, 683,000<\/a> new homes sold throughout the month of March. This is 9.4% higher than the number of new homes sold in February but still 3.4% the number that sold during the same time period last year.<\/p>\n

New homes sold for a median sales price of $449,800 in March, which is lower than the median sales prices for all homes. Homebuyers spend less money on new construction homes than they do on existing homes, despite that new construction homes can cost more to develop, plan, and execute.<\/p>\n

New Home Sales 2020-2023<\/h2>\n

New construction sales varied greatly between 2020 and 2023. In the months leading up to the COVID-19 pandemic, homebuyers were not purchasing newly constructed homes in large numbers. Once the pandemic hit, that metric dropped even further as buyers stopped decreasing their real estate activity.<\/p>\n

With record-low interest rates in the summer of 2020, buyers took advantage of an appealing market and decided to purchase homes. New home sales increased to their highest level over the past five years. Homebuyers who could not purchase property during the spring of 2020 had to wait until the summer, creating a larger pool of buyers during that period.<\/p>\n

After the 2020 Peak<\/h3>\n

Since the summer of 2020, higher interest rates and lower inventory have decreased the sales of new construction homes. Heightened levels of activity created a frantic market where buyers had to compete in bidding wars<\/a>, waive contingencies<\/a>, and settle for homes outside their search criteria if they wished to purchase property at all.<\/p>\n

Additionally, low inventory levels make it difficult for buyers to find new construction homes, often open for existing properties. Supply shortages<\/a> of materials like lumber have also made it more difficult for contractors and developers to keep up with the rate of demand for new homes.<\/p>\n

Learn more:<\/p>\n