(Census Bureau) The total sales of new single-family houses in the US were at an annual rate of 591,000 in April, declining from 709,000 in March.
Following the decline, the sale of new homes hit a level of 26.9% below the comparable month of last year. The sales were at the lowest since April 2020 and missed estimates of 749,000.
The decline in new home sales happened amid rising mortgage charges, with the rate on the 30-year loan at 5.25% last week, compared to just 3% at the end of last year.
The median sales price of new homes at the end of April was $450,6000, while the average sales price was posted at $570,300.
At the end of April, about 444,000 houses were on sale, representing a 9.0 months supply at the current sales rate.
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