United States home sales in March grew more than expected as the median selling price slid to a more than 4-year low.
According to the United States Census Bureau, new single-family sales increased 7.4% from February to an annualised pace of 682,000, the fastest pace of the year.
The median estimate from Bloomberg was 652,000.
The median price of new houses also dropped 5.3% below the February price and 6.2% below the March 2025 price to US$387,400.
Around 22,000 homes priced between $300,000 and $400,000 were sold, the most in that category in nearly five years.
The South was the nation’s biggest home-selling region, increasing 11.1%.
The pickup in sales suggests a gradual improvement in affordability since the middle of last year, which is slowly generating more demand. Homebuilders, who have been using a combination of incentives and price cuts, saw a pickup in prospective buyer traffic in March after severe winter weather had limited buyer demand earlier this year.
However, this also comes as mortgage rates have risen from a recent low at the end of February, which could hamper homebuying activity in the coming months.
