by Risk calculated on 23/05/2023 10:06:00
The Census Bureau reports New home sales in April were at a seasonally adjusted annual rate (SAAR) of 683,000.
The prior three months were revised lower, combined.
Sales of new single-family homes in April 2023 hit a seasonally adjusted annual rate of 683,000, according to estimates released jointly today by the US Census Bureau and the Department of Housing and Urban Development. That’s 4.1% above the March revised rate of 656,000 and 11.8% above the April 2022 estimate of 611,000.
added emphasis
Click on the graphic to enlarge the image.
The first chart shows new home sales versus recessions since 1963. The dotted line represents the current sales rate.
New home sales are close to pre-pandemic levels.
The second graph shows months of supply of new homes.
Months of supply decreased in April to 7.6 months from 7.9 months in March.
The all-time high was 12.2 months of supply in January 2009. The all-time high was 3.3 months in August 2020.
This is well above the high end of the normal range (around 4-6 months supply is normal).
“The seasonally adjusted estimate of new homes for sale at the end of April was 433,000. This represents 7.6 months of supply at the current sales rate.”
Sales exceeded expectations of 660,000 SAAR, however, sales for the previous three months were revised lower, combined. I’ll have more later today.