by Calculated Risk May 23, 2024 10:00 AM
census bureau report New home sales in April reached a seasonally adjusted annual rate (SAAR) of 634,000.
The figures for the previous three months have been revised downward.
New single-family home sales hit record high in April 2024 Seasonally adjusted annual rate 634,000according to an estimate released jointly by the U.S. Census Bureau and the Department of Housing and Urban Development today. This is 4.7 percent below the revised March figure of 665,000 and 7.7 percent below the April 2023 forecast of 687,000.
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Click on the graph to see a larger image.
The first graph shows new home sales and recessions since 1963. The dashed line is the current sales rate.
New home sales were near pre-pandemic levels.
The second chart shows the months of supply of new homes.
The number of months of supply in April increased from 8.5 months in March to 9.1 months.
The highest supply ever was 12.2 months in January 2009, and the lowest ever was 3.3 months in August 2020.
This is well above the upper end of the normal range (a supply of about 4-6 months is normal).
“Seasonally adjusted new home sales at the end of April are estimated at 480,000 units, which equates to 9.1 months of supply at current sales rates.”
Sales were well below the expected 680,000 SAAR, and sales figures for the previous three months were revised downwards. I’ll eat more later today.
