U.S. new-home sales were up 4.1% in April
The numbers: An ongoing and persistent lack of homes in the resale market is pushing more home buyers into new construction, which caused sales to surge for the second month in a row.
U.S. new home sales rose 4.1% to an annual rate of 683,000 in April, from a revised 656,000 in the prior month, the Commerce Department reported Tuesday. The jump exceeded expectations on Wall Street. Economists had forecast new home sales to fall to 669,000 in April.The data from February was revised significantly. New home sales rose to a revised 656,000 in March, compared with the initial estimate of a 9.6% increase to 683,000.Key details: The median sales price of a new home sold in April fell to $420,800 from the month before. Prices have fallen from a peak of $496,800 in October last year.
“Builders continue to benefit from the lack of inventory in the resale market and the room to buy down prospective buyers to lower rates,” he added.
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