New Home Sales Surged in April

New single-family home sales rose to a seasonally adjusted annual rate of 619,000 in April, according to the U.S. Census Bureau and the Department of Housing and Urban Development. The April rate is 16.6% above the revised March rate of 531,000 and is the highest level in eight years.

Sales were mixed across regions, rising 52.8% in the Northeast, 18.8% in the West and 15.8% in the South. Sales fell in the Midwest, dropping by 4.8% during the month.

The median price of a new home was $321,100, up 7.8% from March. The average price was $379,800, up 7.3% from the previous month.

At the end of April, there was an estimated supply of 4.7 months at the current sales rate, down from a 5.5 month supply in March.

Read the Census/HUD release.