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.