New SFH Sales Increase, Inventory at Record Low

May 25, 2011 (Jeff Alan)

Sales of new single-family homes increased by 7.3 percent in April, 2011, compared to March, according to the U.S. Census Bureau, but are 23.1 percent below April 2010. The seasonally adjusted estimate of new homes available for sale at the end of April was 175,000, the least amount of new single-family homes for sale since the Census Bureau started keeping track in 1963.

This was the second straight month that new single-family homes sales have increased even following a downward adjustment of March’s sales. Builders sold at a seasonally adjusted rate 323,000 new single-family homes in April compared to the revised amount of 301,000 new single-family homes in March. This was still down from April 2010’s estimated amount of 420,000 homes.

The average sales price for a new home was $268,900, which was up from $250,000 in March and the median sales price for April was $217,900, which was also up from $214,500 in March.

By region, in the Northeast builders sold 28,000 new single-family homes, which was up 7.7 percent from March and down 22.2 percent from April 2010. In the Midwest, 43,000 new single-family homes were sold, which was up 4.9 percent from March and down 21.8 percent from April 2010.

Single-family home sales in the South were at a rate of 168,000, which was up 4.3 percent from March, but down 24.7 percent from April 2010 and the largest gains were experienced in the West as single-family homes sold at a rate of 84,000 homes which was up 15.1 percent from March, but still down 20.8 percent from April 2010. All sales are based on a seasonally adjusted annual rate.

Tags: Census Bureau, single-family homes, new home sales, new home builders, average sales price, median sales price

Source:
Census Bureau
Census Bureau