April New Home Sales Come in Below Expectations
This morning's release of the April New Home Sales from the Census Bureau came in at 569K, down 8.4% month-over-month from a revised 642K in March. Seasonally adjusted estimates for December and January were also revised. The Investing.com forecast was for 610K. Today's release included monthly revisions back to January 2015.
Here is the opening from the report:
Sales of new single-family houses in April 2017 were at a seasonally adjusted annual rate of 569,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 11.4 percent (±10.5 percent) below the revised March rate of 642,000, but is 0.5 percent (±11.3 percent)* above the April 2016 estimate of 566,000.
The median sales price of new houses sold in April 2017 was $309,200. The average sales price was $368,300. [Full Report]
For a longer-term perspective, here is a snapshot of the data series, which is produced in conjunction with the Department of Housing and Urban Development. The data since January 1963 is available in the St. Louis Fed's FRED repository here. We've included a six-month moving average to highlight the trend in this highly volatile series.
Over this time frame, we see the steady rise in new home sales following the 1990 recession and the acceleration in sales during the real estate bubble that peaked in 2005.