The Census Bureau reported that the median sales price of new homes hit $450,600 last month. With interest rates now upward of 5%, the rising cost of homeownership is pricing more would-be buyers out of the market.
National Association of Home Builders CEO Jerry Howard argues he’s ‘very worried’ for the housing market as pending home sales continue to decline.
Sales of new single-family houses in the U.S. dropped significantly more than expected last month to the lowest level in two years as rising construction costs,U.S. Census Bureau's latest data shows the pace of new home sales fell by 16.6% in April from the month before at a seasonally adjusted rate of 591,000. Analysts surveyed by Refinitiv anticipated a dip of 1.7%.
A house under construction in the Cielo at Sand Creek by Century Communities housing development in Antioch, California, U.S., on Thursday, March 31, 2022.
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