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New home sales tumble - Biggest monthly drop in 10 years in April
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| Contributor | RP |
| Last Edited | RP May 26, 2004 04:25pm |
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| Category | News |
| News Date | Wednesday, May 26, 2004 06:00:00 AM UTC0:0 |
| Description | New home sales posted the biggest monthly drop in 10 years in April, coming in much weaker than economists had expected, as rising mortgage rates started biting into the nation's housing market.
The Commerce Department said new home sales fell to an annual rate of 1.09 million last month, down 11.8 percent from the revised record high rate of nearly 1.24 million in March, when mortgage rates were near a 40-year low. |
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