April new home sales inch down 1.5%, stay close to post-recession high

NAHBNow

This mixed-income community in Grand Rapids, Mich. submitted by BDR Executive Custom Homes Inc. won a 2017 Best in American Living Award in the Affordable Housing category.

Sales of newly built, single-family homes edged down 1.5% in April to a seasonally adjusted annual rate of 662,000 units after a downwardly revised March report, according to newly released data from HUD and the Census Bureau.

“Even with this minor dip, new home sales continue to trend upward and reflect builders’ overall confidence in the market,” said NAHB Chairman Randy Noel, a custom home builder from LaPlace, La. “Builders are optimistic that more prospective buyers will enter the market in the months ahead.”

A new home sale occurs when a sales contract is signed or a deposit is accepted. The home can be in any stage of construction: not yet started, under construction or completed. In addition to adjusting for seasonal effects, the April reading of 662,000 units is the number of homes that would sell if this pace continued for the next 12 months.

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