US new home sales drop sharply in March

WASHINGTON, April 26 (AFP): Sales of new homes fell in the United States last month, government data said Tuesday, as high prices continued to crimp demand.
Sales dropped to an annualised rate of 763,000, seasonally adjusted, less than analysts anticipated and 8.6 per cent below the rate in February, which was revised sharply upwards, the Commerce Department reported.
Prices continued to climb, with the median sales price reaching $436,700, not seasonally adjusted, though as sales slowed supply increased to 5.7 months at the current pace.
After booming during the worst periods of the Covid-19 pandemic, real estate sales have slowed across the United States since buyers cannot find available homes and many cannot afford those on the market, as the Federal Reserve is raising borrowing costs to fight inflation.