After many strong months for home builders across the United States, things have started to trend downward in April. According to the U.S. Department of Housing and Urban Development and the U.S. Census Bureau, building material costs and low inventory have caused new home sales prices to jump 20% on a year-over-year basis, harming housing affordability and driving down the pace of new home sales.
Sales of newly built, single-family homes fell 5.9% in April following a significant downward revision of the March estimate, to an 863,000 seasonally adjusted annual rate.