Friday, May 23, 2014

New Home Sales Rebound in April

The sale of new homes picked up to an annual pace of 433,000 units in April, improving 6.4% from March’s weak growth, which was revised upward. However, April’s sales are 4.2% below year ago levels.

Month-over-month sales rose in the Midwest and South by 47.4% and 3.1%, respectively, remained unchanged in the West and fell 26.7% in the Northeast. Sales rose in the Northeast and Midwest from a year ago, while sales in the South and West fell.

The supply of new homes on the market declined to 5.3 months of supply. The median sales price for new houses sold and for sale decreased 2.1% from a month ago to $275,800, 1.3% below year-ago prices.

Read the Census release.

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