Sales of new US homes were weaker than expected in April, according to government data. The Commerce Department reported that new single-family home sales came in at an annual rate of 634,000, a 4.7 percent decrease from March’s rate. This news comes as mortgage demand slows and buyers are hesitant to sell their properties due to higher mortgage rates. The median sales price in April was reported at $433,500. Economists are predicting that mortgage rates may decline in the coming quarters, which could impact home sales further. Overall, the housing market is facing challenges with building, existing home sales, and new home sales all showing signs of weakness.
© 2024 AFP
