The Home Buyer's Korner

Information presented should be used for educational purposes only.

May 30th, 2015

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New Home Sales for April 2015

New Home Sales

After plummeting in March by 11.4 percent, new home sales rebounded in April, rising nearly 7 percent as we had our first full month of spring. It also was a 26 percent higher that sales reported in April of 2014.

The U.S. Department of Commerce compiles data from the Census Bureau and the Department of Housing and Urban Development on sales of newly-constructed single-family homes it showed in April we saw an annual rate of 517,000 units, which marks a 6.8 rise over sales in March, with revised figures on a seasonally-adjusted rate of 484,000 homes.

April sales of new home beat most housing analyst estimates, with a consensus of 508,000 units. It’s above 2014′s annual rate of 437,000. However, although impressive, new home sales are still close to historically low growth when compared to previous years.

New Home Sale

The New Home Sales Report revealed that the median sales price of new houses sold in April 2015 was $297,300, while the average sales price was $341,500. At the end of April inventory stood at 205,000. That marks a 4.8-month supply at the current sales rate

New Home Sales represent only about 10 percent of the housing market. With a small sample sizes the report carries a margin of error of about 15% and the data is usually revised three times before a final report is offered.

For example on Tuesday March’s 481,000 rate was revised to 484,000 while February’s rate was revised from 543,000 to 538,000.

If you’re looking for a better index to measure the housing market you’d probably want to check out the National Association of Realtors’ Existing Home Sales, which tracks a larger portion of the market being previously-owned homes and historically has shown less volatility in its numbers.

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