New home sales jumped 10.9% in April

Plus: Will you buy a house from an AI real estate agent?

May 29, 2025

🤯 Thursday already! Today, we will look at the jump in new home sales, updates in the NAR Code of Ethics, and Waymo self-driving cars coming near you.

Today's newsletter is 613 words — a 2.5-minute read.

1. New home sales jumped 10.9% in April

New home sales in April were at a seasonally-adjusted annual rate of 743,000, an increase of 10.9% compared with March and up 3.3% compared with April 2024, according to the U.S. Census Bureau and the HUD.

As of the end of April, there were about 504,000 new homes available for sale. That’s down 0.6% compared with March but up 8.6% compared with April 2024. It’s also about an 8.1-month supply at the current sales rate.

The median sales price of a new home sold in April was $407,200 – an increase of 0.8% compared with the previous month but down 2.0% from a year earlier. The average sales price of a new home sold in April was $518,400 – an increase of 3.7% compared with March and an increase of 3.6% compared with April 2024.

2. NAR considers Code of Ethics changes regarding speech

The NAR is considering major revisions to its Code of Ethics and policy statements, citing legal risks and the need for clarity.

NAR is reportedly proposing to more precisely define “harassment” and to limit disciplinary action to violations that occur in a professional or business setting.

The revisions would still encourage members to uphold the code’s values “in all of their activities,” but enforcement would focus on conduct linked to real estate work.

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3. Catch up quick

💸 Markets where renters need to earn $100K to afford rent. (Zillow)

🤝 Anywhere makes an offer to buy Douglas Elliman. (Bloomberg)

🤖 Will someone buy a house from an AI real estate agent? (HousingWire)

🏠 Luxury pending home sales fall 10% to lowest April level in over a decade. (Redfin)

🍖 Fun read: Texas top 50 BBQ joints. (TexasMonthly)

4. Housing inventory up 30.6%

The inventory of homes for sale during April was up by 30.6% from one year earlier, according to new data from Realtor.com. This marked both the 18th consecutive month of inventory growth as well as a new post-pandemic high. Here are the key takeaways from the data:

  • The total number of unsold homes, including those under contract, was up 19.8% compared with last year.

  • Pending home sales—homes under contract—fell 3.2% compared with last year.

  • Newly listed homes increased 9.2% from a year ago.

  • The national median list price for homes was $431,250.

  • The required income to afford the median-priced home rose by almost $47,000 compared with 2019.

  • 18% of listings saw price reductions, the highest share for any April since at least 2016.

5. Waymo to begin testing self-driving cars in San Antonio and Houston

In a series of social media posts, Waymo — the company behind self-driving ride-hailing vehicles in cities like Austin — announced that it will begin testing its self-driving cars with stops in San Antonio and Houston.

For now, fewer than 10 Waymo vehicles will be on local roads, with trained specialists manually driving them as the company familiarizes itself with San Antonio and Houston, spokesperson Sandy Karp told Axios.

However, the self-driving technology has been scrutinized by Austin residents, who have filed complaints against Waymo, citing safety concerns and a "near miss."

No dates were announced for when the testing will take place.

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