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New Home Sales See Unexpected Rise Amid Economic Uncertainty
The market for new homes in the United States saw an unexpected upswing in April, driven by builders reducing prices to attract purchasers. However, escalating mortgage rates and an unstable economic forecast continue to pose challenges for the housing market.
Sales Data
According to the Commerce Department’s Census Bureau, sales of new single-family homes experienced a surge, climbing 10.9% to a seasonally adjusted annual rate of 743,000 units last month. Key details include:
- April Increase: Sales jumped by 10.9%.
- Annual Rate: Sales reached 743,000 units on a seasonally adjusted annual rate.
Revised March Figures
The sales pace for March was adjusted downward to 670,000 units, revised from the initially reported 724,000 units.
Expert Forecasts
Economists surveyed by Reuters had projected a decline in new home sales, estimating a rate of 693,000 units. New home sales account for approximately 14% of total US home sales.