New home sales decline by 16%

According to the Department of Housing and Urban Development and the U.S. Census Bureau, sales of new, single-family homes declined by 16.6 percent in April. This is the lowest rate in over two years.

Analysts cited rising mortgage rates and the ongoing increases in building materials as the prime causes. the median price of a new, single-family home rose 19.7 percent year over year.

Leave a Comment