Following last month's disappointing slump to only 481K new home sales in March (now revised to 484K) which was the biggest drop in nearly 2 years [4] driven by a collapse in Northeast transactions, according to the latest new home sales data by the Census Bureau housing rebounded back over 500K, printing at 517K thanks to a 37% sequential jump in Midwest new home sales, which rebounded from 57K to 78K, even as sales in the Northeast continued to decline and even the West saw a modest drop.
Curiously, while there are double digit annual increases from April of 2014 across 3 of America's 4 housing regions, the Northeast continues to deteriorate, and is now down 19% from a year ago.
The total sales figure represented 4.8 months of supply, down from 5.1 the month before.
However, as the long-term chart shows, new home sales have a long way to go before they regain the levels seen during the last bubble.
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Yet while the actual number of sale transactions has a long way to go,the median price rose once more and at $297,300 per new house, is not only the highest of 2015, but just shy of the record highest median price seen of $302,700 hit in November of 2014.
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