New-Home Sales Rise 2.3 Percent in AprilMay 24th, 2013 by DWM Magazine
Sales of newly built, single-family homes rose 2.3 percent to a seasonally adjusted annual rate of 454,000 units in April, according to newly released figures from HUD and the U.S. Census Bureau. The gain builds on a strong upward revision to sales numbers reported for the previous month.
“Today’s report is further evidence of the gradual, consistent improvement we have been seeing in housing market conditions over the past year,” says NAHB senior economist Robert Denk. “We’re now about half-way back to what could be considered a full recovery, and we do expect to see continual, solid gains in both starts and sales of new homes going forward.”
On a regional basis, new-home sales rose 3.0 percent in the South and 10.8 percent in the West, but fell 4.8 percent in the Midwest and 16.7 percent in the Northeast in April.
The inventory of new homes for sale edged up to a still-thin 156,000 units in April. This is a 4.1-month supply at the current sales pace.