New Homes Slipped 1.5 Percent in April

(CN) –¬†Sales of new single-family homes fell 1.5 percent in April to a seasonally adjusted annual rate of 662,000 units, the Commerce Department said Wednesday.

The government also revised down sales numbers for March, trimming the number of units sold from 694,000 to 672,000.

For the first four months of the year, new-home sales are 8.4 percent higher than in 2017.

Sales jumped 11.1 percent in the Northeast in April, declined 7.9 percent  in the West, and were essentially unchanged in the Midwest and South.

The median sales price of a new home rose 0.4 percent from a year ago, to $312,400. But that masks a broader change last month, which was more activity at luxury prices levels.

Ten percent of new homes purchased in April cost more than $750,000.

That is twice the percentage of homes bought last year in that range. As a result, the average price of a new home in April shot up 11.3 percent from a year ago, to $407,300.

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