Neighborhood Inscope

New Home Sales Reach 4 Month High, Nationwide Median Home Prices Near Record High

By Dr Denver H. Bubble

Thu Apr 26 2018

Following up on the good news from the existing home sales in March 2018, new home sales were up 4.4%, almost double the forecasted 1.9%. February 2018's drop of 0.6% was also revised higher to an increase of 3.6%, showing a strong two-month trend leading into the start of the spring season. There was a lot of difference in terms of growth or declines across the country with our home market the West up 28.3% in contrast to the Northeast down 54 .8%. The median new home sales price for the country increased 4.8% year over year to $337,200, near its record high. So far in 2018, elevated prices and mortgage rates at a four-year high are having minimal impact on demand so far, but we still have a full three-quarter of a year to see what is in store.

Image source: