New-Home Sales Plunge in April Amid Rising Prices and Interest Rates
TL;DR Summary
Sales of newly built homes fell 4.7% in April from March and 7.7% year-over-year due to rising mortgage rates and home prices, with the average 30-year fixed mortgage rate reaching 7.5% in April. High costs for land, labor, and materials prevent builders from lowering prices, and while large builders like D.R. Horton and Toll Brothers report strong earnings, overall new home sales remain below the 5-year average. Affordability challenges persist, especially for low-income families, amid a nationwide housing shortage.
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