New home sales are not doing well–yet another sign that a major economic shakeup is on the way.
New residential sales last month declined 16.6%. The National Association of Home Builders says rising mortgage rates and affordability challenges are to blame. The decline was the biggest drop since 2013, and the rate of sales was the lowest in two years.
According to the National Association of Realtors, existing-home sales in April fell to their lowest level since early in the pandemic.
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