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 ; 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 reading is just a slight step back in the continued recovery of new-home sales.” – Matthew Speakman, Economic Data Analyst, Zillow
