JRE - Downward Momentum For New Home Sales Reasserts Itself

2024-05-31 03:45:00 ET

Summary

• After the preceding month's better-than-expected numbers, the number of new home sales in the U.S. fell in April 2024.
• Mortgage rates rising faster than incomes reduce the relative affordability of new homes, putting them out of reach for a majority of U.S. households.
• The run-up in mortgage rates has sapped momentum from the housing market.

After the preceding month's better-than-expected numbers , the number of new home sales in the U.S. fell in April 2024. Worse, the estimated number of new home sales for January through March 2024 was revised downward....

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