The U.S. Department of Housing and Urban Development (HUD) and the U.S. Census Bureau have released new residential sales statistics for April 2024.
Sales of new single-family houses in April 2024 were at a seasonally adjusted annual rate of 634,000, according to estimates from the U.S. Census Bureau and HUD. This figure is 4.7 percent (±12.0 percent) below the revised March rate of 665,000 and 7.7 percent (±13.2 percent) below the April 2023 estimate of 687,000.
The median sales price of new houses sold in April 2024 was $433,500, while the average sales price was $505,700.
The seasonally adjusted estimate of new houses for sale at the end of April was 480,000, representing a supply of 9.1 months at the current sales rate.
The next report is scheduled for release on June 26, 2024. Further details and tables are available at census.gov/construction/nrs/.
These statistics are derived from sample surveys and are subject to sampling variability as well as nonsampling errors such as bias and variance from response, nonreporting, and undercoverage. Estimated average relative standard errors of the preliminary data are provided in the tables accompanying this release.
For instance, when a statement such as "2.5 percent (±3.2%) above" appears in the text, it indicates that the actual percent change likely falls within a range of -0.7 to +5.7 percent. All ranges given for percent changes are based on 90-percent confidence intervals accounting only for sampling variability.
If a range does not contain zero, the change is statistically significant; if it does contain zero, it remains uncertain whether there was an increase or decrease.
Changes in seasonally adjusted statistics often show irregular movement; it takes three months to establish a trend for new houses sold. Preliminary new home sales figures may be revised due to survey methodology and definitions used.
The survey primarily relies on a sample of houses selected from building permits since a "sale" is defined as a deposit taken or sales agreement signed prior to permit issuance; these prior sales are included in the sales figure.
On average, preliminary seasonally adjusted estimates of total sales are revised by about 3.2 percent. Changes in sales price data reflect shifts in house distribution by region, size, etc., as well as changes in prices for houses with identical characteristics.
Further explanations on confidence intervals and sampling variability can be found on our website.
The Census Bureau has reviewed SOC monthly and quarterly tables to ensure appropriate access, use, and disclosure avoidance protection of confidential source data (Disclosure Review Board approval number: CBDRB-FY23-0307).
