U.S. New Home Sales Fall 1.5% To 662,000 Rate In April
Editor's Note: Updating earlier story with more details from report.
(Kitco News) - Sales of new U.S. single-family homes fell by 1.5% in April to a seasonally adjusted and annualized pace of 662,000.
Consensus estimates compiled by various news organizations called for sales to be between 677,000 and 682,000. The Commerce Department revised sales for March to 672,000 from the originally reported 694,000.
Last month’s sales were up 11.6% from the April 2017 tally of 593,000.
The median sales price of new houses sold last month was $312,400, while the average sales price was $407,300. At the current rate of sales, the government estimated that there is an existing inventory of 5.4 months.