New home sales in April hit nearly 1 million units, missing expectations

Sales of newly built homes returned some of their March gains last month, down 5.9% to a seasonally adjusted annual rate of 863,000, according to the US Census Bureau and the Department of Housing and Urban Development. A surge in March had lifted sales to a unit rate of 1.021 million, a gain of 20.7%, but those numbers also faded. This estimate was reduced to 917,000 units in Tuesday’s report. April’s sales rate was 48.3% higher than the estimate of 582,000 units in April 2020, when the country was largely shut down by the COVID-19 pandemic.

The rate of new home sales was much lower than expected. Econoday analysts had forecast a rate of between 915,000 and 1.04 million units. Their consensus was 955,000.

On an unadjusted basis, 78,000 homes were sold during the month, up from 86,000 in March. Year-to-date revenue totals 312,000 compared to 233,000 in the first four months of 2020, an increase of 33.7 percent.

The stock of available homes edged up in April, from 304,000 the previous month to 316,000. Homes listed were estimated to have a supply of 4.4 months at the current pace of sales, down from 4.0 in the month. previous, but a third less than the 6.6-month supply in April 2020.

The median price of a home sold during the month was$ 372,400 compared to $ 310,100 a year earlier. Average selling prices fell from $ 360,300 to $ 435,400.

Sales in the Northeast were down 13.7% from March on a seasonally adjusted annual basis, but were double those of April 2020. The Midwest was down 8.3% for the month, but an annual increase of 46.7%.

Sales of new homes in the South were 8.2% lower than in March, but up 61.2% year-over-year. The West had the only positive figure for the month, an increase of 7.9%. Annual sales increased 11.6 percent.

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