(Washington) Sales of new single-family homes in the United States rose to a 15-year high in March, with demand still high and prices expected to rise further.
In all, more than a million new homes were sold annually – that is, year-over-year sales if this ratio is maintained – the Commerce Department announced Friday.
This is higher than the 912,000 expected by analysts, which represents 20.7% growth compared to February, especially as part of the country declined due to the freezing tide.
Even with an increase of 66.8% compared to March 2020, to find such sales, it is necessary to go back to August 2006, before the bursting of the real estate bubble caused by “subprimes”, real estate loans. For bankrupt buyers.
In March, the average price fell for the third consecutive month to $ 330,800. On the other hand, the average price has risen again after falling last month to 7,797,800.
Prices are expected to continue to rise as the number of assets for sale does not keep pace with strong demand.
For older homes, prices rose all the time in March, according to data from the US Real Estate Agents (NAR).
However, new homes should be available for sale in the coming months as housing rose sharply in March, the highest level since June 2006.
But price rises should also be triggered by rising commodity prices.
Mortgage rates, which fell after a small uptick earlier this year, are historically low and “help sales,” said Chuck Fock, president of the Federation of Home Builders (NAHB), in a statement.
“However, builders are still raising significant supply chain issues and material costs, causing delays in construction when inventory is already very low,” he said.
The real estate sector was one of the winners of the crisis, thanks to interest rates and telecommunications deployment, which led to the exit from urban centers to the suburbs where housing is often large.
“The real estate market will continue to rise over the next few months, especially with historically low real estate rates and millennials – a generation born in the mid-1981s and 1990s, the editor’s note – finally expects to buy their first home,” says Karen Ney, Grand Thornton economist.
“Builders find it difficult to meet demand, especially for cheap materials,” he believes.
The Commerce Department also revised figures for February, showing lower-than-reported sales, with 846,000 homes sold on an annual basis, not 775,000.