US New Home Sales Fall More than Expected
Sales of new single-family houses in the United States dropped 6.9 percent from the previous month to a seasonally adjusted annual rate of 673 thousand in April 2019, from a revised 11-1/2-year high in March, while markets had forecast a 2.8 percent fall to 675 thousand.
5/23/2019 2:15:36 PM
March's sales pace was revised up to 723 thousand units, the highest level since October 2007, from the previously reported 692 thousand units.
About two-thirds of the houses sold last month were either under construction or yet to be built.
New home sales, which account for about 10 percent of housing market sales, decreased in the South (-7.3 percent to 369 thousand), West (-8.3 percent to 188 thousand) and Midwest (-7.4 percent to 87 thousand), but rose in the Northeast (11.5 percent to 29 thousand).
The median new house price surged 8.8 percent to USD 342,200 in April from a year ago, the highest level since December 2017. The average sales price rose 2.2 percent to USD 393,700.
The stock of new houses for sale went down 0.9 percent to 332 thousand. At April's sales pace it would take 5.9 months to clear the supply of houses on the market, up from 5.6 months in February.
Year-on-year, new home sales increased 7 percent.