Sales of new homes decreased 6.9% in April to a seasonally adjusted annual rate of 673,000 units, according to the U.S. Census Bureau. The month-over-month decline follows March’s upwardly revised rate of 723,000 units, which was the highest monthly rate since the Great Recession, according to the National Association of Home Builders (NAHB).
Sales of new homes decreased 6.9% in April to a seasonally adjusted annual rate of 673,000 units, according to the U.S. Census Bureau. The month-over-month decline follows March’s upwardly revised rate of 723,000 units, which was the highest monthly rate since the Great Recession, according to the National Association of Home Builders (NAHB).
April’s 673,000 rate is 7.0% higher than April 2018 sales and the third highest rate since the recession.
“Our builder surveys show that traffic is steadily increasing,” NAHB Chairman Greg Ugalde said in a statement. “The challenge facing builders is how to deal with ongoing supply-side constraints such as a lack of buildable lots and labor that are putting upward pressure on housing costs.”
The median sales price for new homes in April was $342,200, with an average sales price of $393,700.
Regionally, new home sales fell 17.6% in the Northeast but grew 10.3%, 6.7% and 1.3% in the South, West and Midwest, respectively.
The seasonally adjusted estimate of new homes for sale at the end of April was 332,000, which represents a 5.9-month supply at the current sales pace.
The full April new home sales report can be found here.