New home sales increased 0.6% m/m to a seasonally adjusted annual rate of 623,000 (Briefing.com consensus 485,000) from a downwardly revised 619,000 (from 627,000).
On a yr/yr basis, new home sales were down 6.2%.
The median sales price declined 8.6% to $309,900 while the average sales price fell 5.4% to $364,500.
New home sales by region: Northeast (+8.7%); Midwest (+2.4%); South (+2.4%); and West (-6.3%).
At the current sales pace, the supply of new homes for sale stood at 6.3 months versus 6.4 months in March.
The percentage of new homes sold for $399,999 or less accounted for 71% of new homes sold, versus 70% in March and 66% in the same period a year ago.The key takeaway from the report is that the strength in sales was fortified by lower selling prices.
|Median Price Y/Y||-8.6%||5.2%||3.3%||7.7%||-0.1%|