Market Updates
New Home Sales Fall as Home Inventories Rise
Brian Turner
23 May, 2024
Washington, D.C.
Sales of single-family houses fell in April as buyers struggled with elevated home prices and rising mortgage rates.
Single-family home sales declined 4.7% from the previous month to a seasonally adjusted annual rate of 634,000 from the downwardly revised 664,000 in March, the U.S. Census Bureau reported Thursday.
Home sales declined 7.4% from the April 2023 estimate of 687,000.
The median sales price of new houses sold in April was $433,500, and the average sales price was $505,700, higher than $417,200 and $500,900, respectively, a year ago.
Homes listed for sale during the period increased to 480,000, about 9.1 months of supply at the current rate of annual sale, higher than 428,000 and 7.5 months of supply from a year ago, respectively.
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