Sales of new single-family houses in April 2014 increased 6.4 percent to a seasonally adjusted annual rate of 433,000 from March sales of 407,000, according to the U.S. Census Bureau and Department of Housing and Urban Development.
"In a positive development, builders are adding inventory in anticipation of a further release of pent-up demand," said NAHB Chief Economist David Crowe. "We are only about half-way back to what could be considered a normal market, but relatively low mortgage rates and affordable home prices are other factors that should help keep starts and sales on a slow upward trajectory in the months ahead."
The new April rate is still 4.2 percent below last April's figure of 452,000.
The median sales price of the new houses sold last month was $275,800, and the average sales price was $320,000. New houses for sale in April were estimated at a seasonally adjusted rate of 192,000, representing a supply of 5.3 months at the current sales rate.
