Sales of new single‐family houses in April were at a seasonally adjusted annual rate of 591,000, according to estimates released by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 16.6% below the revised March rate of 709,000 and 26.9% below the April 2021 estimate of 809,000.
“While the April new-home sales figure was pulled down largely by a lack of available homes on the market, the month also captures an inflection point,” says Ali Wolf, chief economist at Zonda. “Consumer confidence in the housing market is faltering as the cost to own a home has risen dramatically since the start of the year.”
The median sales price of new homes sold in April was $450,600, while the average sales price was $570,300.
The seasonally adjusted estimate of new houses for sale was 444,000 at the end of April, representing a nine-month supply at the current sales rate.
“Cancellations are increasing at new-home communities, though homes are generally resold quickly and incentives are increasing,” adds Wolf. “There’s still a desire to buy a home, but consumers want to make sure the timing is right and that they aren’t stretching too much just to own.”
