The number of homes available for sale rose by more than 10 percent in March compared to the same time a year ago, data from the U.S. Census Bureau showed on Tuesday.Last month, there were 477,000 new homes available for sale, 44,000 more than in March of 2023. Compared to February 2024, new homes ready for sale were up by close to 3 percent. The March data amounted to 8.3 months of supply of homes available for sale.
'Builders are benefiting from tight supply in the resale market; however, they cannot ramp up fast enough to meet demand.'Maleyev pointed out that new homes are able to sell at higher prices as they are also able to give incentives to buyers, such as mortgage rate buydowns.'Incentives work,' she said, pointing to the fact that sales were 8.3 percent higher in March compared to the same time last year.
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