Sales of new single-family houses in April 2008 decreased significantly, according to estimates released today by the U.S. Census Bureau and the Department of Housing and Urban Development. The seasonally adjusted annual rate was 526,000, which is 2.6 percent below the revised March rate of 540,000 and 33.2 percent below the April 2007 figure.
The median sales price of new houses sold in April 2008 was $246,100, and the average sales price was $301,400.
The seasonally adjusted estimate of new houses for sale at the end of April was 449,000. This represents a supply of 10.3 months at the current sales rate.
Analysts suggest several factors are contributing to this decline, including:
- Rising mortgage rates
- Persistent inflation impacting affordability
- Overall economic uncertainty
The data suggests the housing market continues to face significant headwinds, and a rapid turnaround is not expected.
