Economics
U.S. New-Home Sales Drop From 11-Year High as Prices Rise
Contractors work on construction of a new apartment building in downtown Seattle, Washington.
Photographer: Bloomberg/BloombergThis article is for subscribers only.
Sales of new U.S. homes cooled in April from an 11-year high amid a surge in prices, adding to signs of softness in housing at the start of the quarter.
Single-family home sales fell 6.9% to a 673,000 annualized pace, close to economist estimates following an upwardly revised March reading of 723,000, government data showed Thursday. The median sales price increased 8.8% from a year earlier to $342,200, the highest since December 2017.