Reported 9 months ago
Sales of new single-family homes in the US dropped to a six-month low in May due to an increase in mortgage rates, indicating a slowdown in the housing market recovery. Despite this decline, April's data was revised upward, showing an initial rise instead of a fall. The market has been greatly affected by the Federal Reserve's interest rate hikes, with supply reaching a 16-year high. Economists believe that the Fed may need to start lowering rates in the near future as the housing market shows signs of struggle.
Source: YAHOO