According to the National Association of Home Builders (NAHB), sales of newly built, single-family homes fell 14.5 percent to a seasonally adjusted annual rate of 384,000 units for March. Based on data from the U. S. Department of Housing and Urban Development (HUD) and the Census Bureau, sales dropped 21.5 percent in the Midwest, 16.7 percent in the West, and 14.4 percent in the South. The Northeast saw an increase of 12.5 percent, MHProNews.com has learned. The inventory of new homes for sale rose to 193,000 units in March, equivalent to a six-month supply at the current sales pace. “Overly stringent underwriting standards for mortgages have had a detrimental effect on modest-priced markets and have hit first-time home buyers particularly hard,” said NAHB Chief Economist David Crowe. “As a result, most of the sales are coming from a smaller pool of buyers who have a more established credit history, are more likely to finance with higher cash downpayments and are purchasing higher-priced homes.”##
