Home sales continued to fall and prices continued to rise, according to the latest data from the Census Bureau (CB)
M-O-M: Sales of new single‐family houses were at a seasonally adjusted annual rate of 863,000 which is a 5.9% drop when compared to last month.
Y-O-Y: Single-family home sales were up big compared to last year. April 2021 was up 48.3% comapred to the same time last year when the real estate market had almost completely shut down.
Sales may be down, but prices were up. The median sales price of new houses sold in April 2021 was $372,400 which is a 20% jump from April 2020.
- The average sales price was $435,400. This is a 17.2% increase from the same time last year.
Inventory levels did offer a glimmer of hope that the home shortage may have bottomed and is on the up swing.
- M-O-M: The seasonally‐adjusted estimate of new houses for sale was 316,000 at the end of April. This represents a supply of 4.4 months which is a 10% jump from last month.
- Y-O-Y: Unfortunately, even with the jump, inventory levels are down 33% when compared to the same time last year.