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New Home Median Prices Rise Y/Y Despite Highest Relative Supply Since 2009

US DATA
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  • New home sales surprised lower in April at 634k (cons 678k) after a downward revised 665k (initial 693k).
  • The latest profile sees sales at -4.7% M/M in May to almost fully reverse the 5.4% (initially 8.8%) bounce in March.
  • The regional breakdown shows the larger two both declining between 5-7% on the month, with additional noise from the smaller Midwest (+10%) and northeast (-21%).
  • Relative supply continues to improve, with the 9.1 months of supply the highest for an April since 2009 (recently saw 7.5 in 2023, 8.5 in 2022 and 4.7 in 2021).
  • However, median price growth still accelerated to 3.9% from 0.1% after some large upward and far-ranging revisions.
  • Those revisions have closed the recent gap to existing home prices – see chart – as there had been a large divergence between the two.

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  • New home sales surprised lower in April at 634k (cons 678k) after a downward revised 665k (initial 693k).
  • The latest profile sees sales at -4.7% M/M in May to almost fully reverse the 5.4% (initially 8.8%) bounce in March.
  • The regional breakdown shows the larger two both declining between 5-7% on the month, with additional noise from the smaller Midwest (+10%) and northeast (-21%).
  • Relative supply continues to improve, with the 9.1 months of supply the highest for an April since 2009 (recently saw 7.5 in 2023, 8.5 in 2022 and 4.7 in 2021).
  • However, median price growth still accelerated to 3.9% from 0.1% after some large upward and far-ranging revisions.
  • Those revisions have closed the recent gap to existing home prices – see chart – as there had been a large divergence between the two.