New Home Sales Dropped Significantly in April

New home sales fell to the lowest rate in previous years due to rising mortgage rates.

According to Jerry Konter, chairman of the National Association of Home Builders,  “The volume of signed sales contracts significantly declined in April as the cost of purchasing a home increased in 2022 as interest rates surged higher. Higher construction costs fueled by rising material prices and supply-side constraints along with limited existing home inventory are pricing many potential home buyers out of the market.”

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