Market Updates
New Home Sales Drop 16% in April As Buyers Pull Back
Brian Turner
24 May, 2022
New York City
Seasonally adjusted single-family new home sales declined 16% to 591,000 annual rate, according to the estimate released by the U.S. Census Bureau and Department of Housing and Urban Development.
The sales were lower than the 750,000 annual rate that many economists had anticipated.
Home sales in April were the slowest since April 2020 when sales were at an annual pace of 623,000.
Rising cost of new homes and mortgage rates are limiting home buyer's purchases.
30-year fixed mortgage rates have been rising and rates increased from 4.88% to 5.41%, according to the data published by Mortgage News Daily.
Buyers are pulling back from home purchases with the median home price of a home across the U.S. increased 24% from $309,900 in April 2020 to $450,600 in April 2022.
Sales declined 16% from the revised rate of 709,000 in March and fell 26.9% from the estimate of 809,000.
The median home price in April was $450,600 and average sale price was $570,300.
The seasonally?adjusted estimate of new houses for sale at the end of April was 444,000 representing a supply of 9.0 months at the current sales rate.
Home builders are also witnessing a decline in traffic according to a recent report released by the industry association.
Builder confidence in the market for newly built single-family homes fell eight points to 69 in May, according to the National Association of Home Builders and Wells Fargo Housing Market Index released on May 17.
Builder sentiment declined for the fifth month in a row and the lowest reading since June 2020.
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