Despite Record-Low Mortgage Rates, New House Prices Drop to Lowest April Since 2015, Sales to Lowest April Since 2017

by Wolf Richter
Wolf Street

More than plenty of supply: 6.3 Months’ unsold inventory of speculative houses.

Sales of new single-family houses in April dropped 6.2% from a year ago, after having dropped 11.6% in March, to a seasonally adjusted annual rate of 623,000 houses, down nearly 20% from the peak in January:

[…] This decline in sales has occurred despite record low mortgage rates in April, with the average 30-year fixed rate dropping to 3.23% in the week ended April 30, the lowest ever, according to Feddie Mac data.

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