Home Buyer Tax Credit Program Drives Strong April New Home Sales, Jumps 47.8% Year over Year

Residential News » Residential Real Estate Edition | By Michael Gerrity | May 26, 2010 11:06 AM ET

According to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development, sales of new one-family houses in April 2010 were at a seasonally adjusted annual rate of 504,000.

This is 14.8 percent (±19.5%) above the revised March rate of 439,000 and is 47.8 percent (±26.0%) above the April 2009 estimate of 341,000.

The median sales price of new houses sold in April 2010 was $198,400; the average sales price was $249,500. The seasonally adjusted estimate of new houses for sale at the end of April was 211,000. This represents a supply of 5.0 months at the current sales rate.

These numbers are a direct reflection of consumers taking advantage of the federal home buyer tax credit program that ended April 30, 2010.

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