Sales of new single-family houses dropped to the lowest level in four months in March 2022 amidst a rise in mortgage rates, according to the latest data from the U.S. Census Bureau and the U.S. Department of Housing and Urban Development.
“Sales of new single‐family houses in March 2022 were at a seasonally adjusted annual rate of 763,000, according to estimates,” an April 26 press release said. “This is 8.6 percent below the revised February rate of 835,000 and is 12.6 percent below the March 2021 estimate of 873,000.”
Regionally, the West saw the sales of new single-family homes rise by 21 percent in the 12-month period ending March 2022. The Northeast saw an increase of 12.8 percent, while the South and Midwest saw a decline of 24.7 percent and 13.8 percent respectively.
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