The U.S. Commerce Department reported on Tuesday that the sales of new
single-family homes climbed 4.1 percent m-o-m to a seasonally adjusted annual
rate of 683,000 units in April. That was the
highest reading since March 2022 (707,000).
Economists had predicted a sales pace of 665,000 last month.
The March sales’ pace was revised down to 656,000 units from the
initially reported 683,000 units.
According to the report, new home sales in the South, the largest area, surged
by 17.8 percent m-o-m in April. In addition, new home sales in the Midwest jumped
11.8 percent m-o-m. These climbs, however, were partly offset by a 58.6 percent
m-o-m tumble in new home sales in the Northeast, and a 9.1 percent m-o-m decline in the West.
In y-o-y terms, new home sales increased 11.8 percent in April.
The report also showed that the median sales price fell by 8.2 percent
y-o-y to $420,800, while the average sales price decreased by 10.9 percent
y-o-y to $501,000.