Monetary policy at work, throttling back demand in rate-sensitive sectors:
New home sales fell 16.6% in April from March to 591,000 (a seasonally adjusted annual rate). That is the lowest level since April 2020.
To be sure, this report has a big margin of error (+/- 74,000)
New home sales fell 16.6% in April from March to 591,000 (a seasonally adjusted annual rate). That is the lowest level since April 2020.
To be sure, this report has a big margin of error (+/- 74,000)
New home inventory rose 8% in April from March and was 40% higher than a year ago.
At April's sales pace, there was 9 months of supply on the market, nearly double the 4.7 months from April 2021 and up from 6 months in February 2022
At April's sales pace, there was 9 months of supply on the market, nearly double the 4.7 months from April 2021 and up from 6 months in February 2022
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