New single-family home sales in the United States were up 3.3% in April 2012, reaching a seasonally adjusted annual rate of 343,000 units, according to the Census Bureau.
"The increase in April sales activity is in line with other important housing measures that have shown continued, gradual improvement from the first quarter as more consumers look to take advantage of today's low interest rates and affordable home prices," said Barry Rutenberg, chairman of the National Association of Home Builders and a home builder from Gainesville, FL. "In markets where demand is rising, we could be seeing a faster pace of recovery if not for persistently tight lending conditions that are slowing both the building and buying of new homes."
"Today's report is representative of the kind of modest but consistent gains that we expect to see in new-home sales through the remainder of 2012," said NAHB Chief Economist David Crowe at the release of the results on May 23, 2012. "As indicated by our most recent builder surveys, more consumers are taking advantage of historically low mortgage rates amidst firming economic and job market conditions in certain areas."
On a regional basis, new-home sales in April:
* up 7.7% in the Northeast
* up 28.2% in the Midwest
* up 27.5% in the West
* a decrease of 10.6% in the South, the only region to show a decline
The inventory of new homes for sale was showed almost no change from March to April and stood at 146,000 units in April, which NAHB characterized as a "historically slim" 5.1-month supply at the current sales pace.
Back to Breaking News