This was well above consensus expectations for March and the highest sales rate since 2006.
This graph shows new home sales for 2020 and 2021 by month (Seasonally Adjusted Annual Rate).
The year-over-year comparisons are easy in the first half of 2021 – especially in March and April.
However, sales will likely be down year-over-year in August through October – since the selling season was delayed in 2020.
And on inventory: note that completed inventory (3rd graph in previous post) is at record lows, but inventory under construction is closer to normal.
The inventory of completed homes for sale was at 37 thousand in March tying the record low of 37 thousand in 2013 (when sales were much lower). That is about 0.4 months of completed supply (record low).