New Home Sales Surge, But Rates & Inventory Slow Progress

New home sales in the US surged in February and March, rebounding from winter weather setbacks. The seasonally adjusted annual rate hit 635,000 units in February, up from 583,000 in January, and soared 7.4% to 682,000 in March. Despite a 3.3% year-over-year increase in March, rising mortgage rates, driven by Iran tensions, are causing concern for buyers. Inventory eased slightly to 481,000 units in March, but the median new home price still dropped 6.2% year-over-year to $387,400. With rates remaining high and supply still abundant, sales are expected to cool off, making it crucial to monitor the situation for both buyers and builders. Support the show:Get a discount at https://solipillow.com/discount/dnn. Advertise on DNN:[email protected] This is an automated, high-level news summary based on public reporting.Report issues to [email protected]. View sources & latest updates:https://sources.thednn.ai/a909cf9137b36ae9