Census department released the New Home Sales data earlier this morning, that data is available here:
“Sales of new one-family houses in April 2006 were at a seasonally adjusted annual rate of 1,198,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 4.9 percent (±11.5%)* above the revised March rate of 1,142,000, but is 5.7 percent (±9.8%)* below the revised April 2005 estimate of 1,270,000.”
“The median sales price of new houses sold in April 2006 was $238,500; the average sales price was $298,300. The seasonally adjusted estimate of new houses for sale at the end of April was 565,000. This represents a supply of 5.8 months at the current sales rate.”
Keep in mind monthly revisions can be dramatic, March was revised downward dramatically, from 1213K to 1142K. Why is this important? Prior to the revision, April would have been down 1%, instead due to the revision, it’s actually up 4.9%.
April median and average prices were below peak prices set in September of last year.
It’s difficult to understand the trend when only talking about the monthly change, especially when the monthly changes can be somewhat volatile. The best way to view this data is visually, and Calculated Risk does a great job of graphing it out.
Year over year, sales for April were down 5.7% Nationwide. The Northeast saw the largest year over year decline (33.3%), followed by the Midwest (16.9%), and lastly with the West declining 12.5% YOY. The South saw an increase of 6.7%.
New Home Inventory is up 27% year over year in April with 565,000 units available, a new record.