U.S. new home sales reached a 13-month high in April, with 683,000 contracts signed, 4.1% higher than in April 2022. The rise in new home sales reflects, in part, the low supply of used homes, a situation that builders are taking advantage of. The existing housing stock remains 44% below pre-pandemic levels, according to the National Association of Real Estate Companies. Permits for the construction of new single-family homes, meanwhile, reached a seven-month high in April, marking the third consecutive month of growth.

The price of homes sold in April reached US$420,000 median, down 8.2% from April 2022 in a market focused primarily in the US$300,000 - US$499,000 per unit range.