Newly constructed homes selling fast despite inventory shortages.

Sales of new single-family homes in the US rose 4% MoM and 12% YoY in April due to low inventory of existing homes and robust sales in the South and Midwest regions. The median sales price of new single-family homes in April declined to $420,800 from $455,800 in March. The inventory of new houses for sale at the end of April stood at 433,000, representing a supply of 7.6 months at the current sales rate, in contrast to inventory of existing homes, which stands at 2.6 months of supply.