by Calculated Risk on 5/24/2007 10:00:00 AM

According to the Census Bureau report, New Home Sales in April were at a seasonally adjusted annual rate of 981 thousand. Sales for March were revised down to 844 thousand, from 858 thousand. Numbers for January and February were revised up.


Click on Graph for larger image.
Sales of new one-family houses in April 2007 were at a seasonally adjusted annual rate of 981,000 ... This is 16.2 percent above the revised March rate of 844,000, but is 10.6 percent below the April 2006 estimate of 1,097,000.


The Not Seasonally Adjusted monthly rate was 92,000 New Homes sold. There were 100,000 New Homes sold in April 2006.

April '07 sales were the lowest since April 2003 (91,000).


The median and average sales prices were up down. Caution should be used when analyzing monthly price changes since prices are heavily revised.

The median sales price of new houses sold in April 2007 was $229,100; the average sales price was $299,100.


The seasonally adjusted estimate of new houses for sale at the end of April was 538,000.

The 538,000 units of inventory is slightly below the levels of the last six months. Inventory numbers from the Census Bureau do not include cancellations - and cancellations are at record levels. Actual New Home inventories are much higher - some estimate about 20% higher.


This represents a supply of 6.5 months at the current sales rate.

This is a surprisingly strong report, and sales will probably be revised down. More later today on New Home Sales.