Sales of new single‐family homes in April were at a seasonally adjusted annual rate of 863,000, according to estimates released by the Census Bureau and the Department of Housing and Urban Development. This is 5.9% below the revised March rate of 917,000 but is 48.3% above the April 2020 estimate of 582,000.
“March’s number was revised sharply downward by 10.2%,” says Doug Duncan, chief economist at Fannie Mae. “Except for February’s weather-driven slowdown, April’s sales were the slowest since last June. Still, the sales pace was about 26% higher than the 2019 average.”
The median sales price of new houses sold in April was $372,400, while the average sales price was $435,400.
The seasonally adjusted estimate of new homes for sale was 316,000 at the end of April, representing a 4.4-month supply at the current sales rate.
“While the large negative March revision was unanticipated, a sales decline in April was expected,” continues Duncan. “The earlier Census report on housing starts showed a significant drop month over month. We interpret today’s release to be additional evidence that material prices and a lack of labor and lots are holding back sales.”
