New home sales rise in April, but 5.7% below sales year ago

Sales of new one-family houses in April 2006 were at a seasonally adjusted annual rate of 1,198,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 4.9 percent above the revised March rate of 1,142,000, but is 5.7 percent below the revised April 2005 estimate of 1,270,000.


  • The median sales price of new houses sold in April 2006 was $238,500; the average sales price was $298,300. 
  • The seasonally adjusted estimate of new houses for sale at the end of April was 565,000. This represents a supply of 5.8 months at the current sales rate. 


The economists  had been expecting a decline in sales, reflecting the fact that mortgage now stand at the highest level in nearly four years.


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