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New home sales plunge in April

The sales slump hit every region of the country

Photo (c) vadim yerofeyev - Fotolia
The housing market took a hit in April, as sales of new single-family houses plunged 11.4% to a seasonally adjusted annual rate of 569,000.

Even with that sharp decline though, the Commerce Department reports sales were still 0.5% above the year-ago tally of 566,000.

Every region of the country saw declines, led by the West, where sales were down 26.3%, followed by the Midwest (-13.1%), the Northeast (-7.5% and the South (-4.0%).

Prices and supply

The median sales price in April, the point at which half the houses sold for more and half for less, was $309,200 -- a year-over year decline of $12,100. The average sales price was posted an annual decline of $11,700 to $368,300.

The government also estimates there were 268,000 new houses for sale at the end last month, representing a supply of 5.7 months at the current sales rate versus 4.9 months in March.

The complete report is available on the Commerce Department website. 

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