New Home Sales at 623,000 Annual Rate in April

The Census Bureau reports New Home Sales in April were at a seasonally adjusted annual rate (SAAR) of 623 thousand.

The previous three months were revised down.

Sales of new single-family houses in April 2020 were at a seasonally adjusted annual rate of 623,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 0.6 percent above the revised March rate of 619,000, but is 6.2 percent below the April 2019 estimate of 664,000.

"The seasonally-adjusted estimate of new houses for sale at the end of April was 325,000. This represents a supply of 6.3 months at the current sales rate." The all time record was 12.1 months of supply in January 2009.

New home sales were down 6.2% year-over-year (YoY) in April. Year-to-date (YTD) sales are still up 1.4%, but sales will be down YTD soon (although the comparison to May of last year is pretty easy).