By Joshua Kirby
Sales of new single-family homes in the U.S. slipped sharply in April as high mortgage rates deter buyers. Here are the main takeaways from the Commerce Department report released Thursday:
--New home sales fell by 4.7% from March, reaching a seasonally adjusted rate of 634,000. The level for March was also revised down to 665,00.
--Sales had been expected to stand at 677,000, according to economists surveyed by The Wall Street Journal.
--Monthly new home sales data are volatile and often revised. Data for April came with a margin of error of 12%.
--Sales were 7.7% lower than in April 2023, adjusted for seasonal shifts.
--The estimate of new houses for sale was 580,000, representing a supply of 9.1 months at the current sales rate.
--Lower sales of new homes came after existing-home sales also slumped, decreasing for a second-straight month in April amid high rates and prices, according to figures released earlier this week.
Write to Joshua Kirby at joshua.kirby@wsj.com; @joshualeokirby
(END) Dow Jones Newswires
05-23-24 1024ET
