New Home Sales Slipped 1.5% in April

New single-family home sales increased to a seasonally adjusted annual rate of 662,000 in April, according to the U.S. Census Bureau and the Department of Housing and Urban Development. The April level was 1.5% below the downwardly revised March rate of 672,000 and 11.6% above the April 2017 estimate.

Sales increased in two of the four regions, led by the Northeast, which rose 11.1%. The South posted a gain of 0.3%, while the Midwest was unchanged. The West posted the only decline, falling 7.9%.

The median price of a new home was $312,400, down 6.9% from March. The average price was $407,300.

At the end of April, the seasonally adjusted estimated supply at the current sales rate decreased from 5.4 months to 5.3.

Read the Census/HUD release.

About Stephen Newton

Stephen Newton is an economic research associate at ABA.
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