New Home Sales increased 7.3% above the revised March rate of 301,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing. Sales of new single family houses in April 2011 were at a seasonally adjusted annual rate of 323,000. This is 7.3% above the revised March rate of 301,000, but is 23.1% below the April 2010 estimate of 420,000.
The median sales price of new houses sold in April 2011 was $217,900; the average sales price was $268,900. The seasonally adjusted estimate of new houses for sale at the end of April was 175,000. This represents a supply of 6.5 months at the current sales rate.
The pace was consistent across the country, with month over month increases. Sales in the South increased 4.3% and rose 7.7% in the Northeast. The sales also increased 4.9% in the Midwest and 15.1% in the West. For more information on new home sales, read the U.S. Census Bureau News’ joint release with the U.S. Department of Housing and Urban Development, New Residential Sales in April 2011.