New home sales in March were far below what most economists expected, reaching a pace of 481,000 a year instead of the anticipated 515,000, the Commerce Department reported. While newly built houses and condominiums make up less than 10 percent of the overall market, they’re important.
As of March 31, nearly 70 percent of houses on the market were stale, meaning they’ve languished unsold for more than a month. A home that’s been sitting for 30 days is more likely to be overpriced, in need of renovation or to have other problems that prevent it from selling.
Redfin couldn’t be happier about serving the good people of Pittsburgh. We love a city where the sports fans are fans win or lose, and the passion for football and hockey are rivaled only by love of music and history.
Redfin is a finalist in the Next Tech Titan category for the upcoming GeekWire Awards. Cast your vote for Redfin.
Redfin is partnering with Move For Hunger, a nonprofit organization that benefits food banks nationwide.
San Francisco housing values rose 15.4 percent in March from a year ago and sales posted a meager year-over-year improvement after four straight months of decline.
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