Real Estate News

New home sales fall as interest rates rise and existing housing supply increases:

Sales of newly constructed homes in the U.S. dropped in April by 4.7% month-over-month and 7.7% year-over-year, according to the U.S. Census Bureau and the Department of Housing and Urban Development. The decline in new home sales from April of last year was the first yearly decrease in 13 months and the dip was the largest since March 2023. The pullback in new home sales, which was based on signed contracts, was due primarily to the surge in mortgage rates and the increase in inventory in the resale market. With interest rates off from their recent peaks and builders stepping up their use of incentives in the past few weeks, sales in the new home market should see a bounce back in May. On the supply side, the number of for-sale properties continued to increase with new home inventory rising to 480,000 units in April, the highest level since early 2008. The median sales price for new homes, meanwhile, dipped 1.4% from March but climbed 3.9% from a year ago to $433,500.

SOURCE: California Association Of Realtors

New Home Sales Down

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