WASHINGTON (AP) – Fewer Americans signed contracts to buy homes in April, reflecting the dearth of properties being listed for sale in the U.S. right now. The National Association of Realtors said Thursday that its pending home sales index fell 1.3 percent in April to 106.4, after rising for two consecutive months.
More people signed contracts in November to buy homes, with pending sales rose 0.2% as the US housing market copes with a dwindling supply of properties on the market. The National Association of Realtors said Wednesday that its index of pending home sales was 109.5 in November.
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The inventory of new homes for sale was 332,000 in April, representing a 5.9 months’ supply. The median sales price was $342,200. The median price of a new home sale a year earlier was $314,400.
As of April 2019, there have been roughly 673,000 houses sold in the US this year, which is 12.4 percent more than last year (U.S. Census Bureau, 2019). 5.34 million existing homes were sold in 2018 (down from 5.51 million in 2017).
Sales Price The median sales price of new houses sold in May 2019 was $308,000. The average sales price was $377,200. For Sale Inventory and Months’ Supply The seasonallyadjusted estimate of new houses for sale at the end of May was 333,000. This represents a supply of 6.4 months at the current sales rate. The June report is scheduled for release on July 24, 2019.
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The median sales price of new homes in March registered at $337,200, while the average sale price was $369,900. The estimated inventory of new homes for sale at the end of March was 301,000, which amounts to a supply of 5.2 months based on the current rate of sales.
Housing markets should remain tight this year, but it may be the best. before all the effects of the tax law are felt and more new homes are built.
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The group said: ‘Consumer confidence remains resilient in our markets and attractive mortgage products provide compelling support to purchasers of new homes. April, where prices had been growing by.