Reported 12 months ago
Sales of new U.S. homes fell in April and May by 7.7% and 16.5% respectively from a year earlier, with last month's sales dropping to a slow pace of 619,000 units. The average 30-year mortgage rate around 7% has discouraged home shoppers, resulting in a slowdown in new home sales. Homebuilders have offered incentives to attract buyers amidst the elevated rates, with more new homes available and a decrease in median sale prices in May.
Source: YAHOO