New single-family home sales nationwide dropped to a seasonally adjusted 323,000 unit annual rate in April – a 23.1 percent decrease compared to April of last year, the Commerce Department reported today.

The national median sales price for a new home rose to $217,900, a 4.6 percent increase from a year ago.

An oversupply of used houses and a relentless wave of foreclosed properties are curbing the market for new homes, even as builders are keeping lean inventories. There were a record low 175,000 new homes available for sale last month, down 2.8 percent from the prior month.

Data last week showed a steep drop in new home construction in April and a dip in sales of previously owned homes.