The volume of new home sales in April were surprisingly better than expected, according to the National Association of Home Builders’ (NAHB) latest blog post. Initially, NAHB forecasted a decline, however, the recent report by the Census Bureau indicated that sales were flat in comparison to March and the beginning of the COVID-19 economic downturn.
Specifically, the Census reported a 623,000 seasonally adjusted annual rate in April. This is an uptick from March’s revised rate, which registered at 619,000. Despite being approximately 20% down from the year’s peak in January, this increase is a positive sign. Data found by NAHB is causing a forecast that includes housing as a leader in a recovery given the amount of momentum carried by housing construction at the beginning of the year.