U.S. new home sales beat expectations in April, gold price ticks up

(Kitco News), Tues. May 23rd, 2023-  Gold ticked up and held steady as the U.S. new home sales rose more than expected in April. At the same time, the prior month’s significant advance was revised lower.

New home sales rose 4.1% last month and were at a seasonally adjusted annualized rate of 683,000 homes, the U.S. Commerce Department said on Tuesday. Market consensus calls expected sales to come in at 663,000 units in April. March’s sales were revised down to a rate of 656,000 from 683,000 units.

On an annual basis, new home sales were up 11.8% from last year’s April estimate of 611,000 units.

Looking at home prices, the median sales price for homes sold last month was $420,800, and the average price was $501,000. As of the end of April, the inventory of houses for sale was 433,000, representing a 7.6-month supply at the current sales rate.

Gold ticked up following the release, with June Comex gold futures last trading at $1,974.80, down 0.12% on the day.

Posted by:

Jack Dempsey, President

401 Gold Consultants LLC

jdemp2003@gmail.com