Investment in residential property remains a smaller share of the overall economy than at any time since World War II
Sales of new single-family homes in March plummeted 14.5% to a seasonally adjusted annual rate of 384,000, hitting the lowest level since July 2013, the U.S. Census Bureau reported Wednesday.The March drop in new home sales was a year-over-year drop of 13.3%. The report showed there were drops in three of four U.S. regions. The March results were well below analyst expectations.
Home sales have been tepid in market facing rising interest rates, investor-driven home price increases, declining inventory, a rising affordability gap and the much tighter lending standards imposed on the industry.