Tuesday, May 27, 2008

New Home Sales

New home sales rose for the first time in six months in April, jumping 3.3% to a seasonally adjusted annual rate of 526,000. The sales gain was a rebound from the sharp 11% drop in sales in March, to a seasonally adjusted 509,000 units, which was the lowest level in sales since April 1991. April's increase was in-line with economists expectations.

Prices fell sharply as the supply of homes on the market continued to rise, the Commerce Department reported. The median price of a new home fell 1.5% in the past year, to $246,100. The number of unsold new homes on the market slipped 2.4% to 456,000 units. That represented a 10.6-month supply at the April sales pace.

By region, sales jumped 41.7% in the Northeast and rose slightly in both the Midwest and West. Sales were down 2.4% in the South.

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