Lower Mortgage Rates Stabilize New Home Sales

A revision of March and April sales data show that the spring home buying season stabilized after a weak winter.

Although contracts for new construction single-family homes declined to a 673,000 seasonally adjusted annual rate per figures from the Department of Housing and Urban Development and the Census Bureau, the decrease was off a strong pace of 723,000 units sold during March, the strongest sales rate since the Great Recession.

The National Association of Home Builders’ report further breaks down the numbers by region and provides inventory figures.

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