US new-home sales fell 6.9% in April

Investors were faced with a soft batch of US housing data. that showed the number of new home sales fell to a five-month low of 626,000 in May. That was down from an upwardly revised 679,000.

Sales fell 5.6 percent. ramp up construction. At April sales pace it would take 4.8 months to clear the supply of houses on the market, down from 5.1 months in March. With supply still tight, the.

It also provides national data on median and average prices, the number of houses sold and for sale by stage of construction, and other statistics. The data are from the Survey of Construction (SOC), which is partially funded by the Department of Housing and Urban Development (HUD) .

Sales of new U.S. homes cooled in April from an 11-year high amid a surge in prices, adding to signs of softness in housing at the start of the quarter. Single-family home sales fell 6.9% to a 673,000 annualized pace, close to economist estimates following an upwardly revised March reading of 723,000, government data showed Thursday.

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A dearth of inventory, which drives home prices higher, remains a key impediment to U.S. home sales. The inventory of homes for sale nationally stood at 4.2 months in April. At the same time, new.

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In fact that difference is lower than the level in five of the past six recessions. And consumer confidence did not spill over into either the manufacturing or housing sectors. New orders for durable goods fell -2.1% m/m in April to a 0% y/y rate.

The inventory of new homes for sale was 301,000 in June, which is a 5.7-month supply at the current sales pace. The median sales price was $302,100. Regionally, new home sales rose 36.8% in the Northeast. Sales fell 13.4% in the Midwest, 7.7% in the South and 5.2% in the West. For more details, see Dietz’s Eye on Housing blog post.

These downward revisions suggest softness in new-home sales activity this summer. However, on a year-to-date basis, sales are up 6.9% from this time in 2017. "Sales ticked up in August due to positive demographics and a strong overall economy," said NAHB chairman Randy Noel. "However, housing affordability remains a serious concern.