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Economy in Brief

U.S. New Home Sales Fall Sharply in April
by Tom Moeller  May 25, 2021

• Sales decline reverses March increase.

• Declines occur throughout most of country.

• Median home prices near-record high.

Sales of new single-family homes declined 5.9% (+48.3% y/y) during April to 863,000 units (SAAR) following a 7.4% increase to 917,000 in March, revised from 1.021 million. The Action Economics Forecast Survey expected 970,000 sales in April.

Sales in the South fell 8.2% (+61.2% y/y) to 545,000 units after increasing 24.0% to 594,000 in March, revised from 694,000. In the Midwest, sales weakened 8.3% last month (+46.7% y/y) to 110,000 units following a 6.2% March rise to 120,000, revised from 132,000. Sales in Northeast weakened 13.7% to 44,000 units (+100.0% y/y) after a roughly one-third March rise. Increasing by 7.9% (11.6% y/y) were sales in the West to 164,000 units following a 31.8% decline during March.

The median price of a new home rose 11.4% (20.1% y/y) in April to $372,400 following two months of roughly 5.5% decline. Working 8.7% higher (20.8% y/y) to $435,400 was the average price of a new home, following a 0.5% easing in March. These prices are not seasonally adjusted.

The supply of new homes for sale rose to 4.4 months in April, the most since May of last year. The median number of months a new home stayed on the market was 3.8, after surging to 4.6 months in March.

New home sales activity and prices are available in Haver's USECON database. The consensus expectation figure from Action Economics is available in the AS1REPNA database.

U.S. New Single-Family Home Sales (SAAR, 000s) Apr Mar Feb Apr Y/Y % 2020 2019 2018
Total 863 917 854 48.3 828 683 614
  Northeast 44 51 39 100.0 37 30 32
  Midwest 110 120 113 46.7 94 72 75
  South 545 594 479 61.2 476 399 347
  West 164 152 223 11.6 221 182 159
Median Price (NSA, $) 372,400 334,200 352,800 20.1 334,992 319,267 323,125
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