New Home Sales on the Rise
Posted by: laurenc 4 years, 6 months ago
New home sales edged slightly higher once again in April as the housing market continues to give a lift to the U.S. economy.
New homes sold at an annual pace of 454,000 in the month, up 2% from March, and a 13% jump from the year earlier sales pace. Sales readings for the previous three months were also all revised higher.
A tight supply of new homes for sale helped to boost the median sales price to $271,600, up 8% from March and 15% from a year ago.
The report comes the day after the National Association of Realtors reported another rise in the pace of sales of previously-owned homes. While new home sales are a smaller part of the market, they can have a greater impact on the overall economy because of the labor required to build them. They also typically require more spending on new appliances, carpeting and other furnishings sometimes manufactured at U.S. factories.
Even with the pick up in the sales of both new and previously owned homes, the pace of sales is still far below past levels. April's rate was down 67% from the record level hit in July 2005, and down 41% from the average sales pace during the ten years leading up to 2001, the period before falling mortgage rates led to the inflating of the housing bubble.
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