Politico, May 24, 2022, ‘Recession warning’: Sales of new homes plunge in April
Sales of new single-family homes plummeted in April as rising mortgage interest rates and skyrocketing house prices took a toll on the market.
New-home sales fell 16.6 percent last month from the revised March figures, according to Census Bureau data released Tuesday. Sales were down 26.9 percent from April 2021.
“The April drop for new home sales is a clear recession warning,” said Robert Dietz, chief economist for the National Association of Home Builders.