WASHINGTON–New home sales surged during April, with the volume representing the biggest one-month jump in 24 years.
According to the National Association of Realtors, sales were up a robust 16.6% to a seasonally adjusted annual rate of 619,000, far in excess of the projected 525,000 pace.
The NAR said the median price also jumped, rising 9.7% from 12 months ago to $321,100. Perhaps not surprisingly, inventory of homes for sale in April was 3.6% lower than a year ago, the NAR said.
There also continues to be a shortage of homes priced below $200,000, which is keeping some first-time homebuyers out of the market.