New data shows the pace of new home sales is slowing across the United States, with April numbers falling well below previously set expectations.
The data, which comes from the U.S. Census, revealed a dip in new home sales between March and April, with April's numbers coming in at 16.6% below the rate of new home sales in March.
The April new home sale numbers are also well below the April 2021 estimates. In April 2021, estimates predicted over 800,000 units would be sold in April 2022, but the final numbers showed actual home sales falling 26.9 percent short of that estimate.
"Sales of new single‐family houses in April 2022 were at a seasonally adjusted annual rate of 591,000," said a report released jointly by the U.S. Census Bureau and the Department of Housing and Urban Development.
According to the report, the median sales price of new houses sold in April 2022 was $450,600, and the average sales price was $570,300.
The new home sales numbers for April 2022 show a marked decrease from previous months. In March 2022, 709,000 new housing units were sold across the country, down from 792,000 units sold in February and 831,000 units sold in January.
The new home sales in April are lower than any other month during 2022 or 2021.
Additionally, numbers released by Zonda Economics show the new home pending sales index (PSI) rose two percent month-over-month in April on a seasonally adjusted basis, "capturing buyer urgency in a rising rate environment."
The PSI is down 3.1% compared to last year, according to Zonda Economics.
New numbers for May will be released on June 24.
Click here to view the full April report on new home sales from the U.S. Census.