New home sales dropped 16 percent in April, hitting pre-pandemic pace ...Middle East

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Sales of newly constructed homes plunged in April as rising interest rates and a historic surge in sale prices kept the housing market in a slowdown. Sales of new single-family houses fell 16 percent to a seasonally adjusted yearly pace of 591,000 homes sold in April, down sharply from a revised rate of 709,000 homes sold per year in March. New home sales have fallen in five consecutive months and by more than 10 percent in both March and April. The median sale price for a new home also rose to $450,600, up from $435,000 in March, and the April average sale price jumped to $570,300 from $522,500 in March. “The housing market is now back to pre-pandemic levels, so this massive hit

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Last updated : 24 May 2022 clock 06:56 PM

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New home sales dropped 16 percent in April, hitting pre-pandemic pace ...Middle East

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