New-Home Sales Hold Steady in April

By RISMedia Staff

New-Home Sales Hold Steady in April
Share This Post Now!
New-home sales dropped by 6.2 percent on an annual basis, according to the Commerce Department’s Monthly report this week. However, home sales are up 0.6 percent over the revised March rate of 619,000—a positive sign the market will rebound.

New-Home Sales: 623,000
For-Sale Inventory: 325,000
Months’ Supply: 6.3
Median Price: $309,900

What the Industry’s Saying

“The April data for new home sales show the potential for housing to lead any recovery for the overall economy,” said Dean Mon, chairman of the National Association of Home Builders (NAHB) and a home builder and developer from Shrewsbury, N.J. “Because the housing industry entered this downturn underbuilt, there exists considerable pent-up housing demand on the sidelines. The experience of the virus mitigation has emphasized the importance of home for most Americans.”

“The April estimates from Census came in better than forecast, so there is a possibility of a downward revision in the next release,” said NAHB Chief Economist Robert Dietz. “Nonetheless, the data matches recent commentary from builders and reflects recent gains in mortgage applications. Despite significant challenges in overall economic conditions, the months’ supply held steady at a reasonably healthy level of 6.3.”

Related Posts

  1. New-home sales increased slightly in November — and 2020 looks set to be a big year for home builders
  2. Existing-Home Sales Slide By RISMedia Staff
  3. U.S. home sales surge to near two-year high; supply at record low
  4. Cheap Mortgage Rates May Fuel a Rapid Rise in Home Prices, Forecast Warns
  5. Case-Shiller: Gains in Home Prices Resurge, Phoenix Rises
  6. 2020 Housing Market: What the Experts Think
  7. Brand Report: July Home Sales Jump 8.7% Despite Low Inventory, Ending Recent Skid
  8. Home price growth ramped up yet again in January, Case-Shiller index shows
  9. Mortgage rates nose-dive to new low and bring out the buyers
  10. Super-low mortgage rates trigger a homebuying boom
  11. Dead deals, slashed prices: Coronavirus drags down Southern California home sales
  12. More baby boomers stay in their homes as they reach retirement, skipping downsizing

Tags: ,

Leave a Reply