New Home Sales Plummet To Lowest Level in Four Years
Summary
In April, new home sales in the U.S. dropped to their lowest point in four years, falling 6.2% from March and 11.3% from the previous year. This decline is linked to higher mortgage rates, rising home prices, and economic uncertainty caused by the war in Iran, which has also increased costs for gas and groceries.Key Facts
- New single-family home sales fell to 622,000 in April, the lowest in four years.
- Sales were down 6.2% compared to March and 11.3% compared to a year ago.
- The median price of a new home rose 2.2% to $422,500 over the past year.
- Mortgage rates increased from about 6.0% in February to over 6.5% by late May.
- The Iran war has disrupted oil supplies, pushing up energy and grocery prices in the U.S.
- Existing home sales rose slightly by 0.2% from March to April, unlike new homes.
- Housing inventory increased from 481,000 in March to 489,000 in April.
- New home construction slowed, with housing starts down 9% from March.
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