New home sales inched upward nationwide to a seasonally adjusted annual rate of 323,000 in April 2011, the highest level achieved this year, according to a report released today by the Department of Commerce. In the trailing 12 months, only December 2010, when many expected the first-time homebuyer tax credit to expire, experienced more new home sales, with 331,000.
The April figure represents a 7.3 percent increase over March’s rate of 301,000, but remains 23.1 percent less than the 420,000 sold in April 2010. The median sales price for homes last month was $217,900, and the average was $268,900. Despite the positive figures, there were still 175,000 new homes on the market at the end of the month, a supply that would last 6.5 months at the current rate of sales. That figure is down 9.7 percent from last month, and it marks the shortest supply of housing since April 2010.
All regions of the United States experienced an uptick in home sales, but the West led all areas with a 15.1 percent gain. TRD