Thursday, May 23, 2013

New Home Sales Continue to Improve in April

The pace of new home sales rose 2.3% in April, to an annualized pace of 454,000 units. April’s pace is now 29% higher than April 2012. April’s report also included notable revisions to March’s pace, which was revised to 444,000 units, a 3.5% gain, up from an initially reported 1.5% gain.

The supply of existing homes on the market remains tight at just 4.1 months. An influx of listings was offset by the strong gain in sales. Listings increased 3.3% over the month. Supply will remain at cyclical lows until residential construction picks up sufficiently.

The median price of homes sold continued to climb in April, with the median home selling for $267,200. It is no surprise this continues to rise as sales outpace supply. April’s median home price is 13.0% above year-ago levels.

Read the Census report.

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