New single family home sales plunged in March to a seasonally-adjusted annual rate of 526,000, which is 8.5-percent below the February sales rate (575,000 sales) and 36.6-percent below the March 2007 sales tally of 830,000 homes, according to a new report from the U.S. Census Bureau and the U.S. Department of Housing and Urban Development.
“The median sales price of new houses sold in March 2008 was $227,600; the average sales price was $292,200,” the U.S. Census Bureau and the U.S Department of Housing and Urban Development said in their most recent report. “The seasonally-adjusted estimate of new houses for sale at the end of March was 468,000. This represents a supply of 11.0 months at the current sales rate.”