For the first time this year, new construction of single-family homes sales fell 11.4% to a seasonally adjusted annual rate of 569,000 units, according to the National Association of Home Builders (NAHB). The NAHB reported that sales data for the first quarter of the year were all upwardly revised, and the March sales pace was the highest since October 2007.
Current new home inventory for sale was 268,000 for the month of April, which equates to a 5.7-month supply at the current sales pace. The median sales price of new houses sold was $309,200.
The West saw the biggest drop regionally with a decrease of 26.3%, followed by the Midwest at 13.1%, 7.5% in the Northeast and 4.0% in the South.
The chairman of the National Association of Home Builders (NAHB) and a home builder and developer from Kerrville, Texas, Granger MacDonald had said this about the latest new home sales numbers;
“Despite some slowness this month, total new home sales in 2017 are up more than 11 percent from this time last year and builders are optimistic about future market conditions. We should see further gains in the months ahead as more prospective home buyers enter the market.”
“New home sales were strong in the first three months of 2017, so some pullback in April is to be expected,” said NAHB Chief Economist Robert Dietz. “However, our forecast calls for new home sales to increase throughout the year, buoyed by rising household formations, continued job growth and tight existing home inventory.”
The NAHB report is based on the most recent data by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau