Sales of new single-family homes dropped 1.5 percent in April to a seasonally adjusted annual rate of 662,000, according to the U.S. Census Bureau.
Despite the decline, April’s sales were 11.6 percent above sales during the same period last year, which had an estimated sales rate of 593,000.
“Even with this minor dip, new home sales continue to trend upward and reflect builders’ overall confidence in the market,” said Randy Noel, chairman of the National Association of Home Builders, in a statement.
Sales grew 11.1 percent in the Northeast and 0.3 percent in the South. In the Midwest sales remained unchanged, and in the West sales declined 7.9 percent.
The inventory of new homes for sale was estimated at 300,000 in April, a 5.4-month supply at the current sales pace, according to NAHB.
The median sales price for new homes sold in April was $312,400, with the average sales price at $407,300.
