New-home sales ticked upward last month, to a seasonally adjusted pace of 526,000 homes, the Census Bureau said today. That figure, which is just below what many economists forecasted, represents a 3.3 percent increase compared to March.
Year-over-year, though, housing continues to suffer. April’s new-home sales pace stands 42 percent lower than April 2007.
New-home inventories have decreased slightly, to 10.6 months of supply. However, it is taking longer and longer to sell those houses. According to the Census figures, homes sold in April had been on the market for a median of eight months.
Median sales prices for new homes increased 9.14 percent to $246,100.
Alison Rice is senior editor, online, at BUILDER magazine.