US New Home Sales Up to 8-Year High

New US single-family home sales jumped 16.6 percent to a seasonally adjusted annual rate of 619,000 in April of 2016, much higher than an upwardly revised 531,000 in the previous month and compared to market expectations of 523,000. It is the highest reading since January of 2008 and the biggest gain since 1992.

Sales in the Northeast surged 52.8 percent to 55,000, those in the west increased 18.8 percent to 152,000 and sales in the South went up 15.8 percent to 352,000, offsetting a 4.8 percent fall in sales in the Midwest (to 60,000).

The median sales price of new houses sold in April increased to $321,100 from $297,900 in March and 9.7 percent higher than a year earlier. The average sales price also went up to $379,800 from $353,900 in the previous month and rose 13.5 percent year-on-year.

The stock of new houses for sale declined 0.4 percent to 243,000. This represents a supply of 4.7 months at the current sales rate, the lowest since February last year.

Year-on-year, new home sales grew 23.8 percent in April.

US New Home Sales Up to 8-Year High

US Census Bureau |Joana Taborda |
5/24/2016 3:16:00 PM