Sales of new homes saw a significant uptick in April, rising 10.9% from March to reach a seasonally adjusted annual rate of 743,000 units, according to data released by the U.S. Census Bureau and the Department of Housing and Urban Development (HUD). This figure also represents an annual increase of 3.3% when compared to April 2024.
At the end of April, approximately 504,000 new homes were on the market. While that’s a slight 0.6% decline from March, it marks an 8.6% increase year-over-year. Based on the current pace of sales, the housing inventory represents an 8.1-month supply.
The median price for a new home sold in April stood at $407,200, up 0.8% from March but 2.0% lower than a year ago. The average sales price climbed to $518,400, reflecting a 3.7% monthly gain and a 3.6% increase compared to April 2024.
The market for newly constructed homes is certainly heating up as reported with this release. Sales on existing homes, which make up around 90% of the market, have dipped slightly, but as mortgage rates decrease we should see more activity here as well.
Source : https://bit.ly/3SXAegF
By: Jon Iacono