New Home Sales Down 1.5% in April
This morning's release of the April New Home Sales from the Census Bureau came in at 662K, down 1.5% month-over-month from a revised 672K in March. The Investing.com forecast was for 680K. Revisions were made going back to 2013 for seasonally adjusted figures.
Here is the opening from the report:
Sales of new single-family houses in April 2018 were at a seasonally adjusted annual rate of 662,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 1.5 percent (±11.8 percent)* below the revised March rate of 672,000, but is 11.6 percent (±23.7 percent)* above the April 2017 estimate of 593,000.
The median sales price of new houses sold in April 2018 was $312,400. The average sales price was $407,300. [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.