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New Home Sales Edge Up in April
Indicating that the housing recovery will occur slowly, the Commerce Department reported that new home sales edged up 0.3% in April to a seasonally adjusted annual rate of 352,000, following a downwardly revised rate of 351,000 in March. The median sales price of a new home fell to $209,700, a 14.9% drop from April 2008, but up 3.7% from March. Prices are likely to remain weak for many months as builders must compete with the huge backlog of existing homes for sale and bargain-priced foreclosures. There were 297,000 new homes for sale at the end of April, down 4.2% from 310,000 in March. At the current pace, it would take more than 10 months to exhaust the supply of new homes on the market. Homebuilders have scaled back their operations dramatically to weather the protracted downturn. However, in recent weeks companies have said they see signs that the housing market slump has bottomed.
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Date Last Updated: 06/03/2009
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