Sales of new U.S. homes sank 6.9% in April, driven by a decline in the sale of homes worth less than $300,000 that are generally bought by middle class and first-time buyers.
The Commerce Department said Thursday that new homes sold at a seasonally adjusted annual rate of 673,000 in April, down from 723,000 in March. Still, year-to-date home sales are running 6.7% above the pace set in 2018.
Buyers have been helped by lower mortgage rates and a solid job market. Yet higher prices and a lack of sales listings have been an obstacle this year for sales of new and existing homes, limiting the number of people who can afford to buy.
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