It looks like the Home Buyer Tax Credit succeeded in helping out the housing market in sales. Newly built single family home sales rocketed 14.8% to a seasonally adjusted annual rate of 504,000 units in the month of April according to recent data from the U.S. Commerce Department. This spike marked the highest level of new home buying since May 2008.
Regionally, home sale gains in the month of April were: 31.6% gain in the Midwest, 10.8% gain in the South, and a 21.7% gain in the West. There were no changes reported in the Northeast.
The national inventory of new homes on the market fell by 5.8% giving a total of 212,000 units for the month of April. This number proved to be the smallest measure since October 1968. Additionally, current sales pace for the month's supply decreased to 5.0 in April from March's number of 6.2 which has proven to be the lowest number since November 2005.