April US New Home Sales 0.683M vs. 0.665M Estimate
- Previous month 0.656M (revised from previously reported 0.683M)
- Sales of new single-family homes in April 2023 were at a seasonally adjusted annual rate of 683,000 vs. 655,000 expected
- This is a 4.1% increase from the March revised rate of 656,000 and an 11.8% increase from the April 2022 estimate of 611,000.
- The median sale price for new homes sold in April 2023 was $420,800, while the average sale price was $501,000. Last month, the median selling price was $449,800.
- The seasonally adjusted estimate of new homes for sale at the end of April 2023 was 433,000 compared to 432,000 last month
- This stock represents a 7.6 month supply at the current rate of sale.
- For the full report click here
Supply remains a problem. New home sales are only a fraction of existing home sales. The supply of existing home sales is around 2.6 months, well below what is normally 6.0 months. There is a problem in the housing market, homeowners are locked into low rates with large capital gains and are choosing to try to rent their home rather than sell their home. This adds to the supply problem for new buyers. Nonetheless, as yields rise (the average 30-year mortgage rate is again close to 7%) and affordability remains an issue, prices appear to be capping.
/Inflation
Inflation
Inflation is defined as a quantitative measure of the rate at which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general price level where a given currency is effectively buying less than it has in previous periods. In terms of valuation of strength or currencies, and by extension foreign currencies, inflation or its measures are extremely influential. Inflation stems from the global creation of money. This money is m
Inflation is defined as a quantitative measure of the rate at which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general price level where a given currency is effectively buying less than it has in previous periods. In terms of valuation of strength or currencies, and by extension foreign currencies, inflation or its measures are extremely influential. Inflation stems from the global creation of money. This money is m
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