US new-home sales drop 11.4% in April, most in 2 years

U.S. new home sales tumble from near 9-1/2-year high

U.S. new home sales tumble from near 9-1/2-year high

Washington, DC, May 23, 2017-Sales of new single-family houses in April 2017 were at a seasonally adjusted annual rate of 569,000, according to estimates released jointly by the U.S. Census Bureau and the Department of Housing and Urban Development, 11.4% below the revised March rate of 642,000, but is 0.5% above the April 2016 estimate of 566,000.

Existing home sales are expected to dip to an annual rate of 5.68 million in April after jumping to a ten-year high of 5.71 million in March.

Economists polled by Reuters had forecast new home sales, which account for 9.8 percent of overall home sales, decreasing 1.5 percent to a pace of 610,000 units last month from the previously reported rate of 621,000 units. "We should see further gains in the months ahead as more prospective home buyers enter the market". The Commerce Department also reports the median price of a house also declined three percent in April from March. The biggest decline in two years coming down from a surge in March when the sales space hit a near 10-year high.

As Reuters reports, "Shrinking labor market slack, marked by a 4.4 percent unemployment rate, is improving employment opportunities for young Americans, helping to underpin demand for housing".

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It took me 8 months to accept the idea of biopic: Sachin
The world's best batsman after retirement wanted to start his second innings and do whatever that gives him satisfaction. Helmed by award-winning British filmmaker James Erskine, the film traces his 24-year journey on the cricket pitch.

The estimated number of new homes for sale at the end of April stood at 268,000, matching March, the highest since July 2009.

"New home sales plummeted 11.4% in April - bad news, especially for first-time and lower income buyers", realtor.com Senior Economist Joseph Kirchner said.

This after home builders broke ground on fewer new construction projects for the second straight month. And our promise to you is that we will always strive to provide indispensable journalism to our community.

Housing demand has remained sturdy, and the pace of construction, particularly for lower-priced and starter homes, hasn't been keeping up.

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