The rate of new single-family home sales dropped 42 percent in April compared to the same month last year, the U.S. Census Bureau and Department of Housing and Urban Development reported.

New-home sales reached a seasonally adjusted annual sales rate of 526,000 in April — this rate is a projection of a monthly sales total over a 12-month period, adjusted to account for seasonal fluctuations in sales activity.

The rate was up 3.3 percent from a 17-year low recorded in March 2008, though the Census Bureau notes that monthly changes can show irregular movement and it can take five months to establish a trend in sales data.

Regionally, the sales rate dropped about 58 percent in the Northeast, 41.7 percent in the South, 39.7 percent in the Midwest and 37.8 percent in the West in April 2008 compared to April 2007, according to the report.

The sales data is based on a survey of a sample of homes selected from building permits and a sale is defined as a deposit taken or a signed sales agreement.

The median sales price of new homes sold in April was $246,100, up 1.5 percent compared to April 2007, and the average sales price was $321,000, up 3 percent.

Last week, the National Association of Realtors trade group reported that the median price of resale homes dropped 8 percent in April 2008 compared to April 2007, with sales of single-family resale homes falling 17.5 percent year-over-year in April.

***

What’s your opinion? Leave your comments below or send a letter to the editor.

Show Comments Hide Comments
Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Success!
Thank you for subscribing to Morning Headlines.
Back to top
Only 3 days left to register for Inman Connect Las Vegas before prices go up! Don't miss the premier event for real estate pros.Register Now ×
Limited Time Offer: Get 1 year of Inman Select for $199SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription
×