by Calculated Risk on 5/23/2025 10:00:00 AM
The Census Bureau reports New Home Sales in April were at a seasonally adjusted annual rate (SAAR) of 743 thousand.
The previous three months were revised down significantly, combined.
Sales of new single-family houses in April 2025 were at a seasonally-adjusted annual rate of 743,000, according to estimates
released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 10.9 percent above the March 2025 rate of 670,000, and is 3.3 percent above the April 2024 rate of 719,000.
emphasis added
Click on graph for larger image.
The first graph shows New Home Sales vs. recessions since 1963. The dashed line is the current sales rate.
New home sales were above pre-pandemic levels.
The second graph shows New Home Months of Supply.
The months of supply decreased in April to 8.1 months from 9.1 months in March.
The all-time record high was 12.2 months of supply in January 2009. The all-time record low was 3.3 months in August 2020.
This is well above the top of the normal range (about 4 to 6 months of supply is normal).
“The seasonally-adjusted estimate of new houses for sale at the end of April 2025 was 504,000. This is 0.6 percent below the March 2025 estimate of 507,000, and is 8.6 percent above the April 2024 estimate of 464,000.
This represents a supply of 8.1 months at the current sales rate. The months’ supply is 11.0 percent below the March 2025 estimate of 9.1 months, and is 5.2 percent above the April 2024 estimate of 7.7 months.”
Sales were above expectations of 700 thousand SAAR, however sales for the three previous months were revised down significantly, combined. I’ll have more later today.
