US: New Home Sales declined by 15.4% in March to 627K

New Home Sales in the US declined by 15.4% in March to bring the annual rate down to 627,000, the data published jointly by the US Census Bureau and the US Department of Housing and Urban Development showed on Thursday. This reading came in slightly lower than the market expectation for a decrease of 15%.

"The median sales price of new houses sold in March 2020 was $321,400.  The average sales price was $375,300," the press release further read.

Market reaction

The S&P 500 Real Estate Index inched lower after this data and was last seen down 0.05% on the day at 206.85 points.