New home sales rose again in April as buyers looked to new construction due to the low inventory of existing homes for sale.
There were 683,000 new home sales in the U.S. in April, according to the U.S. Census Bureau, up 4% from March and 11.8% compared to last April. April marks the fifth month in a row that new home sales have increased.
"While existing home sales are slowing this spring in the wake of high interest rates keeping sellers locked in, new construction homes are picking up speed on a monthly basis," Zillow Senior Economist Nicole Bachaud said. "The backlog of new construction homes from the building boom across 2021 is working its way to the market, offering fresh listings for buyers who are facing more competition on fewer homes."
This article originally published at https://dc.urbanturf.com/articles/blog/five_months_in_a_row_new_home_sales_rose_again_in_april/21054.
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