Having gained an upwardly revised 8.1 percent in March, the pace of new single-family home sales in the U.S. dropped 6.9 percent in April to a seasonally adjusted rate of 673,000 sales but remains 7.0 percent above the pace of sales at the same time last year.
With a shift in the mix, the median sale price of those homes which sold last month jumped 11.9 percent to $342,200, which is 8.8 percent higher versus the same time last year (versus being 8.8 percent lower on a year-over-year basis in March).
And while the inventory of new single-family homes for sale across the county ticked down by a percent last month to 332,000, inventory levels remain 11.0 percent higher than at the same time last year, representing 5.9 months of supply versus 5.6 months the month before.
And out West, the seasonally adjusted pace of new single-family home sales totaled 188,000 in April, down 8.3 percent from March but 16.8 percent higher versus the same time last year with 9.3 percent more new homes on the market (82,000) than at the same time last year (75,000).