CFAH

While up nearly 50 percent on a year-over-year basis from its pandemic low, the seasonally adjusted pace of new single-family home sales in the U.S. has dropped 13 percent since the start of the year, including a 5.9 percent drop last month, to an annualized rate of 863,000 sales.

And with fewer homes sold than were built over the past month, the inventory of new single-family homes for sale across the county ticked up another 3.9 percent to 316,000, which is a 12-month high and within 2 percent of new home inventory levels at the same time last year, despite a post-lockdown surge in sales.

And while the median price of the homes which sold last month jumped 11.4 percent, from $334,200 in March to $372,400 in April, and was 20.1 percent higher versus the same time last year, the jump was driven by a higher percentage of more expensive homes having sold, as has been the case for existing-home sales as well.

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