New Home Sales Spike In April

Sales of new single-family homes increased 6.4 percent in April, according to estimates released jointly by the U.S. Census Bureau and the Department of Housing and Urban Development. The improvement was more than economists expected and – combined with upwardly revised March numbers – indicates the housing market may be poised for a rebound after a slow start to the year. Despite the gains, however, sales were still 4.2 percent below last April’s pace. The report is cause for optimism, though. Not only did sales pick up but the number of new homes for sale also spiked in April, reaching a 3-1/2 year high. The increase in the number of new homes available for sale led to a 1.3 percent year-over-year drop in the median price. In April, the median sales price for a new house was $275,800; the average price was $320,100. Regionally, sales in the Midwest hit their highest level since November 2007. New home sales also rose in the South, though they were flat in the West and down in the Northeast. More here.

Michael Rosenbaum

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