New home sales edge upward in April despite coronavirus stay-at-home orders

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Stay-at-home orders and skyrocketing unemployment weighed heavily on consumer confidence, making Americans wary of such a large purchase. But for those looking to buy a home, the pandemic may have shifted buyers’ appetites toward larger homes.

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The numbers: Sales of newly-built single-family houses occurred at a seasonally-adjusted annual rate of 623,000, the government reported Tuesday.

What happened: The Northeast experienced the largest increase between March and April in new home sales, with an 8.7% uptick. New home sales rose 2.4% in both the Midwest and South, but fell 6.3% in the West. — George Ratiu, senior economist at Realtor.com Sales volume varied significantly from region to region. The West saw a 17% decline in new-home sales, while the Midwest experienced a 7% decrease. Meanwhile, the Northeast experienced a 39% jump in sales, while sales rose 1% in the South.

May could see a bigger improvement in new home sales, though. Confidence among builders has moved higher, and there are signs that buyers have begun examining new listings as the pandemic-related shutdowns have eased.

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