Tuesday, 28 June 2022 | The Latest Buzz for the Appraisal Industry

New Home Sales Plummeted 16.6 Percent in April as Mortgage Interest Rates Surged Upward

New home sales tanked in April, falling 16.6% compared with March and 26.9% compared with April 2021, as mortgage interest rates increased and home prices spiked, according to estimates from the U.S. Census Bureau and the Department of Housing and Urban Development.

New single‐family home sales were at a seasonally adjusted annual rate of 591,000, down from the March rate of 709,000 and down from the April 2021 rate of 809,000.

The median sales

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