New-Home Sales Slightly Slip

April new-home sales slightly slipped, down 1.5 percent to 662,000, according to the Commerce Department. The average new-home sales price was $407,300, while the median was $312,400. New-home listing inventory was 300,000, representing 5.4-months supply.

“Even with this minor dip, new-home sales continue to trend upward and reflect builders’ overall confidence in the market,” said Randy Noel, chairman of the National Association of Home Builders (NAHB), in a statement. “Builders are optimistic that more prospective buyers will enter the market in the months ahead.”

“With job growth, rising incomes and overall economic strengthening, we can expect housing demand to continue to grow, particularly among millennials and other newcomers to the market,” said Michael Neal, senior economist at the NAHB. “However, builders need to manage rising construction costs as well as regulatory hurdles to keep their homes competitively priced.”

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