Yesterday, the U.S. Census Department released its monthly New Residential Home Sales Report for April. It showed an improvement, with sales climbing 2.25% from March and rising 28.98% above the level seen in April 2012. But they still remained at a historically low level of 454,000 SAAR units.
It's important to recognize that the inventory of new homes appears to be mounting as unsold units totaled 156,000. But that's still near the lowest level seen in at least 47 years, while the median number of months for sale increased to 4.0. The monthly supply went flat at 4.1 months, while the median selling price increased 14.89% and the average selling price increased 14.90% from the year-ago level.
The following chart shows the extent of sales decline to date: