New home sales dip 11.4 percent in April
Meanwhile, luxury home builder Toll Brothers reports best spring selling season in 10 years.
The U.S. Census Bureau and the U.S. Department of Housing and Urban Development jointly announced the following new residential sales statistics for April 2017:
New Home Sales
Sales of new single-family houses in April 2017 were at a seasonally adjusted annual rate of 569,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 11.4 percent (±10.5 percent) below the revised March rate of 642,000, but is 0.5 percent (±11.3 percent)* above the April 2016 estimate of 566,000.
Sales Price
The median sales price of new houses sold in April 2017 was $309,200. The average sales price was $368,300.
For Sale Inventory and Months’ Supply
The seasonally-adjusted estimate of new houses for sale at the end of April was 268,000. This represents a supply of 5.7 months at the current sales rate.
Related: Toll Brothers announces best quarter in 10 years
In related news, Toll Brothers, Inc. (www.tollbrothers.com), the nation’s leading builder of luxury homes, today announced results for its second quarter and six months ended April 30, 2017.
- FY 2017’s second-quarter net income was $124.6 million, or $0.73 per share diluted, compared to net income of $89.1 million, or $0.51 per share diluted, in FY 2016’s second quarter.
- Pre-tax income was $199.2 million, compared to pre-tax income of $140.4 million in FY 2016’s second quarter. Second quarter FY 2017 included inventory write-downs of $4.3 million, compared to $6.4 million in FY 2016’s second quarter.
- Revenues of $1.36 billion and home building deliveries of 1,638 units increased 22% in dollars and 26% in units, compared to FY 2016’s second quarter. The average price of homes delivered was $832,400, compared to $855,500 one year ago. The drop in the average price of homes delivered, as well as in contracts and backlog, was due to mix changes.
- Net signed contracts of $2.02 billion and 2,511 units rose 23% in dollars and 26% in units, compared to FY 2016’s second quarter. The average price of net signed contracts was $804,200, compared to $825,500 one year ago.
Douglas C. Yearley, Jr., Toll Brothers’ chief executive officer, stated: “Solid and improving demand and the financial strength of our affluent buyer base are driving our growth. Second-quarter net income grew 40%, revenues increased 22% in dollars and deliveries increased 26% in units, and contracts rose 23% in dollars and 26% in units, compared to the second quarter of FY 2016. This was our eleventh consecutive quarter of year-over-year growth in contract dollars and units, highlighted by double digit increases in each of the past four quarters.
“This was the best spring selling season we have had in over ten years. The number of contracts in FY 2017’s second quarter was the highest since FY 2005’s third quarter and the number of contracts per community was the highest since FY 2006’s second quarter.
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