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US new house sales drop 6.9% in April

US new house sales drop 6.9% in April

Mubasher: Sales for new single-family housing in the US dropped by 6.9% month-on-month to a seasonally-adjusted annual rate of 673,000 in April, new data revealed on Thursday.

Last March, the revised rate came in at 723,000, the US Consensus Bureau and the US Department of Housing and Urban Development said in a joint report.

However, new house sales climbed by 7% last April, compared with an estimate of 629,000 in the same month of the prior year.

The median sales price for new houses sold last month stood at $342,700, while the average sales price was $393,700.

The seasonally-adjusted estimate for supply of new houses was 332,000 last April, accounting for a supply of 5.9 months at the current sales rate, according to the report.

By 2:05 pm GMT, the EUR/USD pair edged down by 0.07% to $1.1143, while the US dollar index rose by 0.15% to 98.19.