New home sales rise as buyers run out of options in the resale market

The numbers: An ongoing and persistent lack of homes in the resale market is pushing more home buyers into new construction, which caused sales to surge for the second month in a row.

The strength in new home sales was also driven by a massive jump in sales in the south. Overall, new home sales are trending higher as buyers grapple with a low level of home listings in the existing home sales market. The jump exceeded expectations on Wall Street. Economists had forecast new home sales to fall to 669,000 in April.The data from February was revised significantly. New home sales rose to a revised 656,000 in March, compared with the initial estimate of a 9.6% increase to 683,000.Key details: The median sales price of a new home sold in April fell to $420,800 from the month before. Prices have fallen from a peak of $496,800 in October last year.

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U.S. new home sales rise 4.1% in April, as buyers contend with a tough resale marketNew home sales at 683,000 annual rate in April versus 656,000 in prior month.
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