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Saturday, June 15, 2019 5:16:11 PM EDT

New Home Sales Updated 23-May-19 10:35AM ET

New home sales declined 6.9% m/m in April to a seasonally adjusted annual rate of 673,000 ( 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.
Total Sales673K723K669K644K564K
Inventory (months)
Median Price Y/Y8.8%-8.8%-3.4%-7.3%-4.0%