Sales of new single-family homes fell to a seasonally adjusted annual rate of 526,000 in March, according to joint estimates from the U.S. Census Bureau and the HUD.
The slump is sales was well below the estimate of analysts polled by Bloomberg who had expected a 580,000 March sales rate.
Last month marked the slowest pace since October 1991, as limited financing options from mortgage lenders and inflated home prices and inventory exacerbated matters.
The pace is now 8.5 percent below the revised February rate of 575,000 and 36.6 percent the March 2007 estimate of 830,000.
The median sales price of new homes sold in March was $227,600, while the average sales price was $292,200.
The seasonally adjusted supply of new homes for sale at the end of March was 468,000, representing a supply of 11 months at the current sales rate, up from February’s 10.2 months and 8.3 months a year earlier.
A month ago, the median sales price of new homes sold was $244,100 and the average sales price was $296,400.
Roughly 29,000 new homes were sold during the month in the Northeast, 63,000 in the Southwest, 312,000 in the South, and 122,000 in the West.
The drop is sales from last month was fairly even in all four regions of the United States.