The monthly payment required to buy a home has risen by about 50% since September.
New home sales unexpectedly plunged much more than economists projected—and for the fourth consecutive month—in April, according to data released Tuesday, adding to signs that the once booming housing market could be due for a steep turnaround. Despite the recent signs of a slowdown, historically high savings rates and unprecedented government stimulus efforts helped ignite a home-buying frenzy during the pandemic. The median home sales price was $346,900 last year, up 17% to the highest level on record, according to the National Association of Realtors.
