By Allison Charette, Research Analyst
Interested in receiving Community Developments as a daily e-mail? Sign up here.
The latest data from the Department of Housing and Urban Development (HUD) and the Census Bureau indicate new residential home sales in March 2014 fell 14.5 percent compared to February and 13.3 percent from March 2013. (HUD, April 23) Sales of existing homes also fell in March 2014 by 0.2 percent and by 8.5 percent since March 2013, according to the National Association of Realtors. The median purchase price for new homes was $290,000, an almost 50 percent premium over the $198,500 median sales price of existing homes last month. While the mortgage credit box is slowly expanding, rising home prices and shrinking inventories may be responsible for discouraging new and existing home purchases.