Sales of newly built single-family homes rose in April, according to new numbers from the U.S. Census Bureau and the Department of Housing and Urban Development. Sales were up 4.1 percent over the previous month and were nearly 12 percent higher than they were in April 2022. New home sales are now at their highest level in over a year. So why is the new home market so hot? There are a couple of reasons. First off, home buyers were reacting to mortgage rates moving lower after climbing in February and early March. The move toward more favorable rates brought out interested buyers. The other factor is the lack of existing homes for sale. Low inventory has pushed home buyers to consider newly built options, as there are fewer previously owned homes available to buy. Combined with the start of the spring home shopping season, those two factors played a big part in bringing out home buyers and pushing new home sales upward.
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