Sales of newly constructed homes in April were at their highest level since the real estate and mortgage crisis began in 2008. According to the National Association of Home Builders (NAHB) new report, they had gone up 16.6% to a seasonally adjusted annual rate of 619,000 units.
The NAHB reported that in April there were a total of 243,000 new homes for sale with an approximate 4.7-month supply at the current sales pace. The median sales price is $321,100, according to recently released data by HUD and the U.S. Census Bureau.
In the Northeast, home sales were up by 52.8%, 18.8% in the West, and 15.8% in the South. However, in the Midwest, sales were down by 4.8%.
NAHB Chairman Ed Brady, a home builder and developer from Bloomington, Ill, had issued this statement along with the report:
“Builders remain optimistic about the housing market, and this month’s jump in new home sales is a positive sign that growing demand will keep the housing sector on an upward trajectory through the spring buying season.”
“Rising home sales combined with tight inventory will translate into increased housing production as we move onward in 2016, especially as job creation continues and mortgage rates remain low,” said NAHB Chief Economist Robert Dietz.