New Home Sales Rise 3.3% to 343,000 in April

New home sales advanced 3.3% m/m to an annualized pace of 343,000 units in April, stronger than the 335,000 expected by consensus and after sales for March were revised up to 332,000 from an original reading of 328,000. April sales in the Midwest, West and Northeast reported monthly gains (up 28.2%, 27.5% and 7.7%, respectively), while the South saw a decline (down 10.6% m/m). Total new home sales are up 9.9% over last year. The months’ supply of homes dropped to 5.1 months in April from 5.2 months in March, and is near normal market levels of around 5.5 months. The median price edged up just 0.7% m/m to $235,700 in April, though is up 4.9% over last April. The stronger than expected headline reading will likely add some support to markets today.

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