New Home Sales Increased Slightly in April

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Despite the COVID-19 pandemic and subsequent economic fallout, new home sales eked out a monthly increase in April, rising 0.6% compared with March, according to estimates from the U.S. Census Bureau and the U.S. Department of Housing and Urban Development.

Sales of new single-family houses in April 2020 were at a seasonally adjusted annual rate of 623,000, up slightly from a revised rate of 619,000 in March.

However, the impact from the crisis was apparent in the year-over-year comparison: New home sales were down 6.2% compared with April 2019.

The median sales price of a new home sold in April was $309,900. The average sales price was $364,500.

As of the end of April, there were about 325,000 new homes available for sale in the U.S. That’s a 6.3- month supply at the current sales rate.

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