Economic Buzz: US New House Sales Decline Substantially In April

25 May 2022 , 08:45 AM

Extending the sharp pullback seen over the past several months, new home sales in the U.S. saw a substantial decrease in the month of April, the Commerce Department revealed in a report. The report showed new home sales plunged by 16.6 percent to an annual rate of 591,000 in April after tumbling by 10.5 percent to a revised rate of 709,000 in March. Meanwhile, the Commerce Department said the median sales price of new houses sold in April was $450,600, up 3.6 percent from $435,000 in March and up 19.6 percent from $376,600 a year ago. The estimate of new houses for sale at the end of April was 444,000, which represents 9.0 months of supply at the current sales rate. The months of supply is up sharply from 6.9 at the end of March.Powered by Commodity Insights