National market update May 30, 2023

NATIONAL MARKET UPDATE

April saw sales of new homes surge to a 13-month high, up 4.1% from March and 11.8% ahead of last year. Inventories have recently made substantial gains, and the median price is down 8.2% from a year ago.

The Mortgage Bankers Association reports new-home purchase applications rose year-over-year for the third straight month. They note: “the broader housing market is leaning more on new construction to boost for-sale inventory.”

Meanwhile, contract signings on existing homes were flat in April, although three of the four major U.S. regions saw monthly gains. Only the Northeast’s numbers decreased, pulling down the national average.