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Home Economic Trends New home sales in April decreased to 634,000 compared to the previous year

New home sales in April decreased to 634,000 compared to the previous year

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by Calculated Risk May 23, 2024 10:00:00 AM

census bureau Reports New home sales in April reached a seasonally adjusted annual rate (SAAR) of 634,000.

The past three months have been revised downward.

Sales of newly built single-family homes in April 2024 Seasonally adjusted annual rate: 634,000according to an estimate released jointly by the U.S. Census Bureau and the Department of Housing and Urban Development today. This is 4.7 percent below the revised March figure of 665,000 and 7.7 percent below the April 2023 forecast of 687,000.
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Click on the graph to see a larger image.

The first graph shows the relationship between new home sales and recessions since 1963. The dashed line is the current sales rate.

New home sales were near pre-pandemic levels.

The second graph shows the months of supply of new housing.

New home sales and months of supplyMonths of supply increased from 8.5 months in March to 9.1 months in April.

The highest on record was 12.2 months in January 2009. The lowest on record was 3.3 months in August 2020.

This is well above the upper end of the normal range (about a 4-6 month supply is normal).

“As of the end of April, the number of new home sales (seasonally adjusted) was 480,000. At the current sales rate, this is equivalent to 9.1 months’ supply.”

Sales were significantly lower than the expected SAAR of 680,000 SAAR, and sales for the past three months were also revised downward. I will share the details later.

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