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New Home Sales Rise Beyond The One-Million Mark in April

Sales of new single-family homes rose 1.7% in April to a seasonally adjusted annual rate of 1.03 million units, according to the Commerce Department. It is the third time this year that new-home sales went above the million-unit mark. New-home sales rose in three out of four regions in April, with gains of 13.4%, 0.6%, and 4.3% recorded in the Midwest, South, and West, respectively. In the Northeast, where shifting weather patterns have caused wild fluctuations for several months, sales fell nearly 18%. “Sales of both new and existing homes were slightly above their first quarter averages in April, and the fundamentals of this housing market continue to exhibit remarkable strength looking forward,” notes David Seiders, chief economist, National Association of Home Builders (NAHB).

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