According to the U.S. Census Bureau and the Department of Housing and Urban Development, sales of newly built single-family homes fell in April. Sales were down 4.7 percent from the month before and were 7.7 percent lower than last year. The declines were caused, in part, by mortgage rates, which spiked in April after a relatively calm winter. But while affordability concerns slowed sales in most of the country, regional results showed uneven returns. For example, the Northeast saw sales plunge 20.9 percent from the month before, while the Midwest posted a 10 percent increase. The South and West both saw single-digit declines from the previous month. Also in the report, the median price for a newly built single-family home was up 3.9 percent from last year, rising to $433,500 in April. The average sales price was $505,700. (source)
