The median selling price for new homes sold last month was $450,600, up 19.6% from a year earlier. The average rate on a 30-year fixed mortgage was around 5.3% last week, according to Freddie Mac, compared to 3.2% in the first week of January.
“The combination of higher prices and increased interest rates is generating a noticeable slowdown in the housing market,” Dietz said. “As the country needs more homes, home sales are slowing as tighter monetary policy continues to put upward pressure on mortgage rates and supply chain disruptions drive up costs. of construction.”
There were around 444,000 new homes for sale in April – nine months’ supply at the current sales rate, up from 4.7 months a year earlier.