New single-family home sales slip in April
Sales of newly built, single-family homes fell 1.5% in April to a seasonally adjusted annual rate of 662,000 units after a downwardly revised March rate 672,000, according to the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.
The latest report is 11.6% above the April 2017 estimate of 593,000, however.
Regionally, new home sales rose 11.1% in the Northeast and 0.3% in the South. Sales remained unchanged in the Midwest and dropped 7.9% in the West.
“Even with this minor dip, new home sales continue to trend upward and reflect builders’ overall confidence in the market,” said NAHB Chairman Randy Noel, a custom home builder from LaPlace, La. “Builders are optimistic that more prospective buyers will enter the market in the months ahead.”
The inventory of new home sales for sale was 300,000 in April, which is a 5.4-month supply at the current sales pace. The median sales price of new houses sold was $312,400.
“With job growth, rising incomes and overall economic strengthening, we can expect housing demand to continue to grow, particularly among millennials and other newcomers to the market,” said NAHB Senior Economist Michael Neal. “However, builders need to manage rising construction costs as well as regulatory hurdles to keep their homes competitively priced.”
The latest report is 11.6% above the April 2017 estimate of 593,000, however.
Regionally, new home sales rose 11.1% in the Northeast and 0.3% in the South. Sales remained unchanged in the Midwest and dropped 7.9% in the West.
“Even with this minor dip, new home sales continue to trend upward and reflect builders’ overall confidence in the market,” said NAHB Chairman Randy Noel, a custom home builder from LaPlace, La. “Builders are optimistic that more prospective buyers will enter the market in the months ahead.”
The inventory of new home sales for sale was 300,000 in April, which is a 5.4-month supply at the current sales pace. The median sales price of new houses sold was $312,400.
“With job growth, rising incomes and overall economic strengthening, we can expect housing demand to continue to grow, particularly among millennials and other newcomers to the market,” said NAHB Senior Economist Michael Neal. “However, builders need to manage rising construction costs as well as regulatory hurdles to keep their homes competitively priced.”