New single-family home sales are up 2.3% for April to a seasonally adjusted annual rate of 454,000, according to a Commerce Department report (link opens as PDF) released today.
After bumping up a revised 3.5% for March, this newest report contributes to another month of optimism for the housing market recovery. Analysts underestimated the improvement, predicting a slight unrevised 1.9% increase to 425,000.
On a regional basis, the West led month-by-month sales growth with a 10.8% increase, followed by 3% gains in the South. These positive pushes proved enough to offset a 4.8% dip in the Midwest and a lackluster 16.7% drop in the Northeast.
At the current rate of sales, there is an estimated 4.1 months of supply. National Association of Realtors Chief Economist Lawrence Yun noted yesterday that "The robust housing market recovery is occurring in spite of tight access to credit and limited inventory."
Yun's supply squeeze is sharply evident in April's house price numbers. Median sales prices hit $271,600, 10.8% above 2012's $245,200.
Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
More from The Motley Fool
How to Stick to Your New Year’s Career Resolutions
Don't let 2018 be yet another year of giving up on resolutions.
Don't Laugh, but After Horrible Holiday, Sears Says Profitability Is Still on the Table for 2018
The retailer has few options open to it to get into the black.
4 Things That Can Get Your Resume Thrown Away
Getting hired is a competition. Don't get disqualified before the game really begins.