December 3, 2022

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US new-home sales 863K versus 950K estimate

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US new home sales for April 2021

New-home sales
  • New home sales 863K versus 950K estimate.
  • Prior month revised lower to 917K from 1021K
  • Supply 4.4 months versus 4.0 months last month. There were 316,000 new homes for sale in April which is the most in a year
  • Median sale price $372,400 versus 310,100 in April 2020 (up 20.1% YoY). The average sale price was $435,400 up from $400,500 (up 20.8% YoY)
  • Single-family homes -5.9% versus March +7.4%
  • Northeast -13.7%
  • Midwest -8.3%
  • South -8.2%
  • West +7.9%

Some pretty lofty year on year numbers for the new prices.  The higher prices may be restraining demand.  Higher building costs are a headwind for the robust housing market.  

Earlier today, Case Schiller home prices for March 2021 increased 13.27% YoY versus estimates of 12.5% (and all .0% last month) . That was the highest reading since 2005. Phoenix (20%), San Diego (19.1%), and Seattle (18.3%) or the biggest gainers of the 20 cities tracked. Bringing up the rear was Chicago with a 9.03% increase, Las Vegas +10.57%, Minneapolis, +10.96%, and Atlanta 11.17%.

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