New homes sales hit a two-year low, while prices soar nearly 20 percent

5/24/2022 8:22:00 PM

New homes sales hit a two-year low, while prices soar nearly 20 percent

New homes sales hit a two-year low, while prices soar nearly 20 percent

Sales of new US single-family homes tumbled to a two-year low in April likely as higher mortgage rates and soaring prices squeezed first-time buyers and those in search of entry-level properties ou…

see alsoThe Fed’s new moves could turn the housing market from boom to bustThe 30-year fixed-rate mortgage jumped above 5% in April for the first time since February 2011, according to data from mortgage finance agency Freddie Mac. It has surged, averaging 5.25% in the week ending May 19, as the Federal Reserve raises interest rates to cool domestic demand and lower

high inflation.Data last week showed sales of previously owned homes dropped to a two-year low in April, while single-family building permits were the lowest since last October. Single-family homebuilder confidence was near a two-year low in May. 

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