Sales of newly built, single family homes rose 6.4 percent — to a seasonally adjusted annual rate of 433,000 new homes — in April, according to the U.S. Census Bureau and HUD. "Builders are adding inventory in anticipation of a further release in pent-up demand," observed David Crowe, NAHB's chief economist. "We're only about halfway back to what could be considered a normal market. Relatively low mortgage rates and affordable home prices are other factors that should help keep starts and sales on a slow, upward trajectory in the months ahead."

The new homes for sale inventory increased to 192,000 units in April, which represents a 5.3-month supply, at the current sales pace.

 

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