Homebuilding April New Home Sales Fell 6% to 622K, Solidly Below Street’s 660K Outlook

Research evidence excerpt

Homebuilding April New Home Sales Fell 6% to 622K, Solidly Below Street’s 660K Outlook

J P M O R G A N North America Equity Research

28 May 2026

Homebuilding

April New Home Sales Fell 6% to 622K, Solidly Below

Street’s 660K Outlook

April new home sales fell 6.2% sequentially to 622K, solidly below the Street’s Homebuilders & Building Products

ACoutlook for a flat performance at 660K (prior month revised down to 663K from Michael Rehaut, CFA

682K). On a YOY basis, April fell 11.3%, which follows March’s 1.1% rise and (1-212) 622-6696

February’s flat performance. Importantly, we continue to view data points for this michael.rehaut@jpmorgan.com

metric as fairly volatile on a month-to-month basis, and hence note that on a 3- Nisarg Kalra

month moving average basis, new home sales are averaging 642K, down 3.6% 1-212-622-0132

YOY. Other recent housing data points include the May NAHB Builder Survey up nisarg.kalra@jpmchase.com

J.P. Morgan Securities LLC

3 points seq. and up 9% YOY, April existing home sales flat sequentially and YOY

and April housing starts down 3% seq. and up 5% YOY.

• Absolute inventory rose 1.7% to 489K. New home inventory rose 1.7% to

489K in April, down 2.2% YOY and down 15% from peak levels; specs were

up 1.4% seq. to 373K, down 3.4% YOY and down 22% from peak levels.

Lastly, months’ supply was 9.4, up 8.0% from 8.7 last month and up 9.3% from

8.6 last year.

• Median prices rose 8.0% sequentially. Median prices rose 8.0% sequentially

and were up 2.2% YOY to $423K. On a 3-month moving average basis (to

reduce volatility), median prices rose 0.5% sequentially but were down 1.3%

YOY.

• Regionally, decline led by the Midwest. The Midwest fell 25%, while the

Northeast and South fell 13% and 10%, respectively; by contrast, the West rose

19%.