The U.S. Commerce
Department announced on Thursday that the sales of new single-family homes decreased
6.9 percent m-o-m to a seasonally adjusted annual rate of 673, 000 units in April,
as prices surged, but demand for housing remains underpinned by lower mortgage
rates.
Economists had
forecast the sales pace of 675,000 last month.
March’s sales
pace was revised up to 723,000 units from the originally reported 692,000
units.
According to
the report, new home sales in the South, the largest area, fell 7.3 percent
m-o-m in April, while sales in the Midwest dropped 7.4 percent m-o-m and those
in the West declined 8.3 percent m-o-m. Meanwhile, sales in the Northeast surged
11.5 percent m-o-m.
In y-o-y terms,
new home sales recorded a 7.0 percent advance in April.
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