The Census Bureau reports New Home Sales in April were at a seasonally adjusted annual rate (SAAR) of 683 thousand.
The previous three months were revised down, combined.
Sales of new single‐family houses in April 2023 were at a seasonally adjusted annual rate of 683,000, according to
estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development.
This is 4.1 percent above the revised March rate of 656,000 and is 11.8 percent above the April 2022 estimate of 611,000.
Click on graph for larger image.
The first graph shows New Home Sales vs. recessions since 1963. The dashed line is the current sales rate.
New home sales are close to pre-pandemic levels.
The second graph shows New Home Months of Supply.
The all-time record high was 12.2 months of supply in January 2009. The all-time record low was 3.3 months in August 2020.
This is well above the top of the normal range (about 4 to 6 months of supply is normal).
“The seasonally‐adjusted estimate of new houses for sale at the end of April was 433,000. This represents a supply of
7.6 months at the current sales rate.”
Sales were above expectations of 660 thousand SAAR, however, sales in the three previous months were revised down, combined. I’ll have more later today.