Economic Buzz: US new home sales spike from downwardly revised level in April
The report said new home sales soared by 10.9 percent to an annual rate of 743,000 in April after jumping by 2.6 percent to a downwardly revised rate of 670,000 in March.
With the sharp increase during the month, new home sales surged to their highest annual rate since hitting 788,000 in February of 2022.
The spike by new home sales partly reflected strength in the Midwest, where new home sales skyrocketed by 35.5 percent to an annual rate of 84,000.
New home sales in the South also shot up by 11.7 percent to an annual rate of 478,000, while new home sales in the West jumped by 3.3 percent to an annual rate of 158,000.
On the other hand, the Commerce Department said new home sales in the Northeast plunged by 14.8 percent to an annual rate of 23,000.
The report also said the estimate of new houses for sale at the end of April was 504,000, down 0.6 percent from 507,000 at the end of March but up 8.6 percent from 464,000 a year ago.
The estimate of new houses for sale represents 8.1 months of supply at the current sales rate, down from 9.1 months in March but up from 7.7 months in April 2024.
Additionally, the Commerce Department said the median sales price of new houses sold in April was $407,200, up 0.8 percent from $403,700 in March and up 2.0 percent from $415,300 in the same month last year.
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