Wednesday, 01 April, 2020

US new-home sales drop 11.4% in April, most in 2 years

US new-home sales drop 11.4% in April, most in 2 years US new-home sales drop 11.4% in April, most in 2 years
Debra Rodriguez | 24 May, 2017, 05:14

However, this is up 0.5% from last year's 566,000 sales.

This month's drop in home sales and the stagnation in new home inventory will continue to exacerbate the national inventory shortage which will result in even higher prices and lower affordability.

Purchases of new, single-family homes-a narrow slice of all US home sales-fell 11.4% to a seasonally adjusted annual rate of 569,000 in April, the Commerce Department said Tuesday. Total sales in the first four months of the year are 11% higher compared with the same period a year ago.

Sales of new single-family homes in April came in at a seasonally adjusted rate of 569,000 sales, a decrease of 11.4% from last month's 642,000 sales.

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While new-home sales only account for about 10 percent of the residential market, the broader housing picture has remained bright with solid job growth and modest boosts to wages. New home sales only make up about a tenth of the housing market.

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. Sales did not rise in any other region.

A survey last week showed homebuilder sentiment rising in May, with builders upbeat about sales over the next six months as well as current sales conditions. He also points out that the volume of sales fell the most for homes above $500,000, while sales of homes under $300,000 were flat. There were 268,000 new homes for sale in April, a level unmatched since July 2009. Still, new housing stock remains less than half of what it was at its peak during the housing boom in 2006. As the pace of selling decelerated, there were 5.7 months' worth of homes available, up from 4.9 months in March.

A six-month supply is viewed as a healthy balance between supply and demand.

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