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Economy in Brief

U.S. New Home Sales & Prices Recovered in April
by Tom Moeller May 27, 2008

Sales new single family homes recovered 3.3% to 526,000, but the March decline of 11.0% was revised deeper from an initial indication of an 8.5% drop. Sales were down 62.1% from their July 2005 peak. An April sales level of 527,000 had been expected.

By region, sales increases during April were logged in each of the countries' regions except in the South.

The median price for a new single family home fell 6.8% to $227,600 and reduced prices to near their lowest since 2004.

The number of new homes for sale fell 2.4% but because of a larger decline in newly constructed homes, the y/y decline in home inventories is a greater 16.9% y/y. That inventory was down 20.3% from the peak in mid-2006. The decline in the number of unsold homes has been greatest in the West (-20.2% y/y).

The month's supply of new homes for sale ticked lower to 10.6 from its high of 11.1 in March.

US New Homes April March Y/Y 2007 2006 2005
Total Sales (SAAR, 000s) 526 509 -42.0% 768 1,049 1,279
  Northeast 34 24  -58.0 64 64 81
  Midwest 73 69 -39.7 118 161 203
  South 289 296 -41.7 408 559 638
  West 130 120 -37.8 178 266 356
Median Price (NSA, $) 246,100 225,500 1.5% 243,742 243,067 234,208
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