New home sales declined 6.9% m/m in April to a seasonally adjusted annual rate of 673,000 (Briefing.com consensus 665,000) from an upwardly revised 723,000 (from 692,000) in March.
On a yr/yr basis, new home sales were up 7.0%.
New home sales declined m/m in all regions in April, with the exception of one: Northeast (+11.5%); Midwest (-7.4%); South (-7.3%); and West (-8.3%).
The median sales price increased 8.8% yr/yr to $342,200 while the average sales price increased 2.2% to $393,700.
The inventory of new homes for sale at the April sales rate increased to a 5.9-month supply from a 5.6-month supply in March.
Homes priced at $399,999 and less accounted for 64% of new homes sold in April versus 71% in march and 67% in the same period a year ago.The key takeaway from the report is that the yr/yr growth in home sales was led by higher-priced homes ($400,000 and up), which speaks to the reluctance among builders to absorb profit-margin pressure by building lower-priced homes.
|Median Price Y/Y||8.8%||-8.8%||-3.4%||-7.3%||-4.0%|