New Home Sales Rise to Slightly Less Depressed Levels

The U.S. Census Bureaurnand the Department of Housing and Urban Development said today that the salesrnof new single family homes in April were at a seasonally adjusted rate of 433,000,rnan increase of 6.4 percent from March sales of 407,000 (revised from 384,000).  The April figure is 4.2 percent below sales inrnApril 2013.  </p

The revised March number, while still lower than sales in February,rncuts the month-over-month loss from the 14.6 percent originally reported to 9.4rnpercent. Perhaps some kind of spring market hasrnfinally arrived, or perhaps sales are just sideways and stagnant overall.  </p

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On a non-seasonally adjusted basis therernwere 41,000 new homes sold in April compared to 39,000 in March.  There were 192,000 homes available for salernat the end of the reporting period, a 3.5 year high, and a 5.3 month supply compared to 191,000rnunits in March, a 5.6 month supply.</p

The median price of a new home sold inrnApril was $275,800 and the average price was $320,100.  One year earlier the median and average pricesrnof home sold were $279,000 and $337,000.</p

New home sales in the Northeast wererndown dramatically, 26.7 percent lower than in March and 31.3 percent belowrnsales one year earlier.  In contrast,rnsales soared in the Midwest, 47.4 percent above the previous month and 35.5rnpercent higher than in April 2013.  Salesrnin the South increased 3.1 percent month-over-month but fell 9.6 percent belowrnthe level the previous April.  Sales inrnthe West were unchanged from April and 6.1 percent lower than the earlierrnperiod.

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