U.S. New Home Sales Rises to 13-Month Highs

New single-family U.S. home sales jumped to a 13-month high in April. This was boosted from a persistent shortage of previously owned houses on the market and a sharp decline in prices from last year’s lofty levels.

According to Reuters, “the evidence continues to accumulate that the housing market may have largely adjusted to the higher level of mortgage rates but the decline in the median home price is consistent with the hypothesis that home builders may be tailoring the construction of new homes towards first-time buyers,” said Conrad DeQuadros, senior economic advisor at Brean Capital in New York.

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