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April New Home Sales Up 7% From March, But Down Nearly 25% Y

Financial News Network
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May 24, 2011 AT 6:49 PM
Sales of new one-family homes were at a seasonally adjusted annual rate of 323,000 in April, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development.That represents a 7.3% increase from the revised rate of 301,000 for March, but it is down a steep 23.1% year-over-year, from the 420,000 level estimated for April of 2010.The year-over-year decline was evenly spread across all four regions, all of which reported a more than 20% drop in the number of homes sold from the year ago month.The median sale price was $217,900, up nearly 5% year-over-year, while the average price was $268,900, down a hair from the $270,500 average sale price recorded for April of 2010.The seasonally adjusted estimate for the number of new houses for sales at the end of April was 175,000, which represents and supply of 6.5 months at the current sales rate.