New home sales in U.S. drop more than 15% in March

U.S. new home sales plunged 15.4% in March as a winding down in the middle of the month due to the coronavirus began to rattle the breadth of the housing market.

The Commerce Department reported Thursday that sales of new single-family homes dropped to a seasonally adjusted annual rate of 627,000 last month after sales had fallen 4.6% in February.

The decline was expected, though economists say it will grow much worse as the country struggles with a shutdown that has thrown millions of people out of work and disrupted wide swaths of the economy.

The report said that the median price for a new home sold in March was $321,400, down 2.6% from a median price of $330,100 in February.

The Associated Press

The Associated Press is an American not-for-profit news agency headquartered in New York City and founded in 1846.