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April new-home sales tumbled, according to the Commerce Department.

New-Home Sales: 673,000

  • -6.9 percent from March 2019
  • +7 percent from April 2018

For-Sale Inventory: 332,000
Months’ Supply: 5.9

Median Price: $342,200

What the Industry’s Saying
“The strong March sales pace was due to a combination of lower interest rates and the use of builder price incentives. At the same time, the April sales report was a solid number coming off a very strong March reading.” – Robert Dietz, Chief Economist, National Association of Home Builders

“While the headline figures are disappointing, this decline in new-home sales does not reflect the overall health of the housing market. The strong reading from March greatly exceeded expectations and was revised upward [in this month’s report]; without that revision, April’s month-over-month decline would be just 2.7 percent—and the underlying trend in sales remains strong…This strength, combined with enduring low mortgage rates and a historically strong job market suggest that [this] reading is just a slight step back in the continued recovery of new-home sales.” – Matthew Speakman, Economic Data Analyst, Zillow 

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