New home sales for April were reported at 863,000 on a seasonally adjusted annual rate basis (SAAR). Sales for the previous three months were revised down significantly, combined.
This was well below consensus expectations for April, but still the highest sales rate for April since 2007.
This graph shows new home sales for 2020 and 2021 by month (Seasonally Adjusted Annual Rate).
The year-over-year comparisons are easy in the first half of 2021 – especially in March and April.
However, sales will likely be down year-over-year in August through October – since the selling season was delayed in 2020.
And on inventory: note that completed inventory (3rd graph in previous post) is near record lows, but inventory under construction is closer to normal.
The inventory of completed homes for sale was at 36 thousand in April, just above the record low of 34 thousand in March 2021. That is about 0.5 months of completed supply (just above record low).