New Home Sales Decreased in April

New single-family home sales rose to a seasonally adjusted annual rate of 569,000 in April, according to the U.S. Census Bureau and the Department of Housing and Urban Development. The April level was 11.4% below the revised March rate of 642,000 but 0.5% above the April 2016 level.

Sales fell in each region, 7.5% in the Northeast, 26.3% in the West, 13.1% in the Midwest and 4.0% in the South.

The median price of a new home was $309,200, down 3.0% from March. The average price was $368,300.

At the end of April there was an estimated supply of 5.7 months at the current sales rate, up from 4.9 months in March.

Read the Census/HUD release.

About Stephen Newton

Stephen Newton is an economic research associate at ABA.
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