87.5 F
San Fernando
Saturday, Jun 3, 2023

Big Boost in New Home Sales as Prices Plummet

The pace of new home sales across the country soared in April while the median price dropped at a record rate. According to data released May 24 by the U.S. Commerce Department, sales of new homes rose 16.2 percent in April to 981,000 units, far outpacing economists’ predictions of a 0.2 percent increase. Meanwhile the median price of new homes sold in the month fell a record 11.1 percent to $229,100 nationally compared to the previous month. Analysts interpreted the data to mean that homebuilders are slashing prices in order to sell what has become a huge inventory of homes.

Featured Articles

Related Articles