US new home sales increased 7.4% MoM and 6.0% YoY to 724k in March, the strongest sales pace since April 2024 and above expectations of a 680k annual rate.

• Total months’ supply fell -6.7% MoM to 8.3x, the lowest so far in 2025 but still up 1.2% YoY.
• The median sales price fell -1.9% MoM and -7.5% YoY to $403,600, the lowest price in more than a year.
• In Q1 2025, new home sales were up 1.3% YoY.
• The percentage of homes sold with a price of $500k or above was 31%, the joint-lowest (with August 2024) since September 2021.