New Home Sales Dropped 11.4% In April

Posted by Patrick Barnard on May 23, 2017 No Comments
Categories : Residential Mortgage

New home sales as of the end of April were at an annual pace of about 569,000, down 11.4% compared with a revised rate of about 642,000 in March but 0.5% above the 566,000 seen in April 2016, according to estimates released by the U.S. Census Bureau and the U.S. Department of Housing and Urban Development (HUD).

The median sales price of a new home sold in April was $309,200. The average sales price was $368,300.

As of the end of April, there were about 268,000 new homes available for sale nationwide. That’s about a 5.7-month supply at the current sales rate.

As reported earlier this month, housing starts in April were at an annual rate of about 1.172 million, a decrease of 2.6% compared with 1.203 million in March but an increase of 0.7% compared with 1.164 million in April 2016, according to estimates released by the U.S. Census Bureau and HUD.

The drop came after housing starts fell 6.8% in March.

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