New single-family home sales decreased to a seasonally adjusted annual rate of 634,000 according to the U.S. Census Bureau and the Department of Housing and Urban Development. The April reading was 4.7% below the revised March rate of 665,000 and is 7.7% below the April 2023 estimate of 687,000.
The decline in new home sales was driven by decreases in the Northeast (-20.9%), the South (-4.8%), and the West (-7.3%), while there was an increase in the Midwest (10.0%).
The median price of new houses sold in April 2024 was $433,500, down 1.4% from March. The average sales price was $505,700, down 4.1% from the previous month.
At the end of April, the seasonally adjusted estimate of new houses for sales was 480,000 which represents a supply of 9.1 months at the current sales rate.
Read the Census/HUD release.