In a joint report from the US Census Bureau and the US Department of Housing and Urban Development, the seasonally adjusted annual rate of new single family homes reached 454,000 in April. This number is a 2.3% increase from March and shows progress in the housing market recovery. Buyers are bidding up the prices of new homes right now because there is not a large enough supply to meet the demand for housing. In fact, the inventory of new homes on the market is at a historic low. Counting only new houses that are ready to be sold, the available supply is only 39,000 homes.
Read the full article here: New Home Sales in April — Steady Progress