US new home sales fall to lowest level since April 2020 in April

The US Commerce Department said new home sales in the US fell 16.6% to a seasonally adjusted annual rate of 591,000 units in April, the lowest level since April 2020. On an annualized basis, US new home sales fell 26.9% in the 12 months to April, and the 30-year fixed-rate mortgage rose above 5% in April for the first time since February 2011.

The median new home price rose 19.6% to a record $450,600 in April from the same period last year, and at the pace of April sales it will take 9 months to clear the supply of homes on the market, up from 6.9 months in March.