New home sales in the United States fell over 16 percent from March to April, well below analysts’ forecasts as rising mortgage rates and high prices discouraged buyers from taking the plunge.
New home sales tumbled 16.6 percent to a seasonally adjusted annual rate of 591,000 units last month, the lowest level since April 2020, the peak of the pandemic lockdowns, according to data released by the Commerce Department on May 24.
The 16-plus percent plunge was sharply lower than analysts expected, with consensus forecasts predicting a far more modest 3.4-percent drop.
In the 12 months through April, new home sales fell 26.9 percent, the Commerce Department data also showed….