New-Home Sales Decline in April

Sales of newly-constructed homes fell in April. According to U.S. Census Bureau data analyzed by the National Association of Home Builders, sales of new single-family homes fell by 6.2% to a seasonally adjusted annual rate of 622,000. Compared with the year prior, the pace of new-home sales is down by 11.3%.

New-home sales were down across regions—except for in the Midwest

Despite the nationwide decline, year-to-date sales of new homes grew by 7.3% in the Midwest in April. However, new-home sales declined in every other region. New-home sales were down by 9.7% in the Northeast, by 7.6% in the South, and by 9.5% in the West.

Meanwhile, new-home inventory is on the rise

As sales fell, new single-family home inventory in April rose by 1.7% compared with the previous month. At 489,000 units, current inventory represents 9.4 months of supply.