Sales of new single-family houses in April 2015 were at a seasonally adjusted annual rate of 517,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development.
This comes after a big drop in March which saw just 481,000 new home sales, the biggest drop in almost two years and primarily driven by a precipitous drop in sales in the Northeast in March.
This is 6.8% above the revised March rate of 484,000 and is 26.1% above the April 2014 estimate of 410,000.
The big driver of the gain was one of the smaller home regions, the Midwest, which saw a jump from 57,000 to 78,000 sales. In April the West and Northeast both saw declines.
The median sales price of new houses sold in April 2015 was $297,300; the average sales price was $341,500 – both up from March.
Black Knight’s index says that home prices were up 1.2% in the month of March and up 4.8% on a year-over-year basis. Those totals represent the largest monthly gain in national home prices since June 2013.
The seasonally adjusted estimate of new houses for sale at the end of April was 205,000. This represents a supply of 4.8 months at the current sales rate.