April 2007 New Home Sales Up Over March, Down 10.6 Percent Year Over Year
It looks like April was a bit of a wash. Sales of new homes were up 16 percent over a very disappointing March which is good news. But comparing year over year sales for April, 2007 was down 10.6 percent. These numbers have a high degree of error so they should be treated as estimates, but still not the new that home builders were looking for.
Sales of new one-family houses in April 2007 were at a seasonally adjusted annual rate of 981,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 16.2 percent (±13.0%) above the revised March rate of 844,000, but is 10.6 percent (±11.8%)below the April 2006 estimate of 1,097,000.
The median sales price of new houses sold in April 2007 was $229,100; the average sales price was $299,100. The seasonally adjusted estimate of new houses for sale at the end of April was 538,000. This represents a supply of 6.5 months at the current sales rate.Census Bureau
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Comment by Sheri Barry on 25 May 2007:
I live and work in the South East and I noticed it as well, that the April Market was slow. I will keep my fingers crossed for the summer months.
Comment by Sheri Barry on 25 May 2007:
OH and great article btw.