New Home Sales Collapse In April As Median Prices Soar

Following the disappointment in existing home sales (down YoY for 14 months straight), the recent spike in new home sales was expected to slide 2.5% MoM in April, but instead it crashed back to reality, plunging 6.9% MoM (after an upward revision for March).

YoY the recent spike has rolled over...

 

Pending- and New-home-sales had been the hope (as existing home sales rolled over - despite a collapse in mortgage rates), but no longer...

Not helped by an 8.8% YoY surge in median home price to $342,200 (the biggest YoY jump since Feb 2018), average selling price at $393,700. MoM, median home price spiked 11.9% (sounds like a mix issue or just seasonality issues)

And this even as supply rose - Months’ supply at 5.9 in April compared to 5.6 prior month.