New home sales fell in April as mortgage rates weighed down housing market

New home sales fell in April as mortgage rates weighed down housing market


New home sales fell in April as the housing market felt the effects of higher mortgage rates, which have recently inched even higher.

New home sales fell 4.7% from March to an annual rate of 634,000, according to a Thursday report from the Census Bureau. The number of new home sales is 7.7% lower than it was in April of last year.

The median sales price for a new home was $433,500 in April.

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As of this week, the average rate on a 30-year, fixed-rate mortgage was over 7%, according to Mortgage News Daily, which tracks daily changes in rates. That is down from a recent peak of above 8%, although is still far higher than in the years prior to the pandemic.

The past few years have seen a unique dynamic in the housing market because of the higher mortgage rates. Many people

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