The Great Housing Inventory Divide: New Construction vs Existing-Homes
In April. sales of new single-family homes rose 4% month-over-month and 12% year-over-year, This was thanks to existing-home inventory being low sales in the South and Midwest regions, helping to offset declining sales in the Northeast and West.
According to USA Today, new home sales in April were at an annual rate 683,000, the same number that was estimated for March, but which was later revised to 656,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development.
The median sales price of new single-family homes in April declined to $420,800 from a median price of $455,800 in March. The median home price in April of 2022 was $458,200.