Economy
May 27, 2014
New Residential Sales Bounce Back In April
Written by Sandy Williams
New home sales bounced back in April after declining for two straight months. New residential sales reached a seasonally adjusted annual rate of 433,000 in last month, according to data released by the US Census Bureau and Department of Housing and Urban Development. April’s rate increased 6.4 percent following a plummet of 10 percent in March (based on a revised rate 407,000). Sales, however, continue to drag below 2013 levels, posting 4.2 percent below estimates in April last year.
When looking at the data from a three month moving average (3MMA) basis, we found new housing sales trending lower with the 3MMA at 426,000 units, down from 434,000 the prior month and 445,000 units two months prior. As you can see from our graphic, the 3MMA has been trying to break the 450,000 unit level and has been unable to do so.
