New Homes Sales Recover Some of March Losses

By Jann Swanson

Posted To: MND NewsWire

New home sales beat most analyst expectations in April, rising 6.8 percent to a seasonally adjusted annual rate of 517,000 units and posting a 26.1 percent gain over the annual pace of 410,000 units in March 2014. Despite the increase, April sales did not erase the 11.4 percent drop in new home sales reported in March although those sales were revised up from 481,000 to 484,000. The consensus expectation from Econoday for April sales was 509,000 units. On a non-seasonally adjusted basis sales of new homes nationwide were estimated at 49,000 units. More than half of sales (26,000) were in the South. The median price of a new home sold during the month was $297,300 compared to $274,500 in April 2014. The average sales price was $341,500, up from $325,100 one year earlier. At the end of the reporting…(read more)

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