New Home Sales were up 0.6% for the month of April. This report measures signed contracts on new homes. Year-over-year, sales were down 6.2%. The median home price was released at $309,900, which is down from $339,000 from the prior report. Median home price does not show that home prices were necessarily lower, but that homes for sale during this time might have taken lower price offerings. There were 325,000 new homes for sale, which was slightly lower than March’s number of 333,000 and is showing a further tightening of inventory.
The Case-Shiller Home Price Index reported a rating of 4.4% for the month of March. This report tracks the changes in the value of residential real estate across the US, and it increased by 0.2% since last release from 4.2%
The Federal Housing Finance Agency (FHFA) released their House Price Index for March, and it showed that home prices increased by 0.1%. Compared to last year, home prices have increased by 5.9%! This report measures home price appreciation on single-family homes with conforming loan amounts.
Overall, home pricing across the nation is still holding strong. There might be some homes selling at a discount because of timing and the availability to find the right buyer, but as we see the economy slowly reopen, the housing market will continue to push forward as demand for homes is still out weighing supply.
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Sources:
www.census.gov
https://bit.ly/3gPEafo
www.fhfa.gov
By: Jon Iacono