Sales of newly built homes fell 16.6% in April from March, far more than anticipated, and were down 26.9% from April 2021.
- The annualized rate stood at 591,000 units, seasonally adjusted. Analysts were expecting 750,000. March’s levels are also revised lower.
- Consumers are being hurt by rising interest rates and four-decade-high inflation.
- The median price of a new home sold in April was $450,600, a jump of nearly 20% from a year earlier.
Sales have now dropped for four straight months. New home sales fell 5.9% in the Northeast and plunged 15.1% in the Midwest. They plunged 19.8% in the densely populated South and fell 13.8% in the Midwest.
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Source: US Census Bureau