New single-family home sales rose 0.6 percent to a seasonally adjusted rate of 623,000 from March to April, according to new data from the U.S. Census Bureau and the Department of Housing and Urban Development released Tuesday. Year-over-year, new-home sales fell 6.2 percent.
The median sales price of all new single-family homes stood at $309,900 — a drop from $321,400 in March. The average price, meanwhile, was $364,500. The number of new homes for sale on the market was 325,000 — a supply of 6.3 months at the current sales rate.
Throughout 2020, residential home sales have remained stable. However, a 15.4 percent drop that came in March was one of the biggest in years. It came after the coronavirus outbreak put major limits on much of the real estate process in the spring. In states where real estate was deemed a non-essential service, agents were prevented from selling at all while millions of homeowners nationwide held off on buying and selling amid financial uncertainty.
While the slight uptick reveals an improved market, much remains uncertain and concerns of a second wave of coronavirus infections could impact future home sales.