US New Home Sales Beats In April While Prices Fall

New home sales came in at 433K annualized in April vs Consensus of 420K. Adding to the good news is that March was revised up by 23K to 407K. Unfortunately, new home sales are still down a little over 4% year-over-year and still haven't been able to break out above 2013 levels.

There has been quite a wide distribution developing based on geography. Strongest region is in the Midwest where new home sales are 35% higher than they were a year ago. Conversely, new home sales in the Northeast are down 31% year-over-year.

Both mean and median sales price are now negative year-over-year while months supply has been slowly creeping higher since the beginning of 2013.