Reply To: US Mortgage Applications Fall for Sixth Straight Week as Mortgage Rates Surge to Highest Since 2010


April 26 – Reuters (Lucia Mutikani): “Sales of new U.S. single-family homes tumbled in March as soaring mortgage rates and prices reduced affordability, but the housing market remains supported by an acute shortage of previously owned properties. New home sales plunged 8.6% to a seasonally adjusted annual rate of 763,000 units last month… February’s sales pace was revised higher to 835,000 units from the previously reported 772,000 units… The median new house price in March jumped 21.4% from a year ago to $436,700. Almost all the houses sold last month were above the $200,000 price level… There were 407,000 new homes on the market, up from 392,000 units in February. Houses under construction made up 65.5% of the inventory, with homes yet to be built accounting for about 25.8%.”