May 25, 2021 - Economy

Rising costs crimp new home sales

Monthly new home sales volumes
Data: U.S. Census Bureau; Chart: Will Chase/Axios

New home sales volumes came in lower than expected for April, at 863,000. That’s down 5.9% from the month before.

Why it matters: Economist's expectations were for around 950,000. But building has slowed as raw materials prices like lumber skyrocket, as Axios’ Hope King recently reported.

  • The gridlock pushed the median new-home sale price to $372,000, up 11.4% from March, and up an eye-popping 20% since April of last year.
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