Source: abc4 —
(NewsNation) — New home construction continues at a rapid pace, but new sales data shows the market may be cooling down, slightly.
In April, sales dropped by 17%, the biggest dip in nearly a decade, according to data released last week by the Census Bureau.
However, home prices remain high, up nearly 20% with a median price of $450,000.
While the sales data may suggest a slower market, experts view it as a reality check.
“What’s happening is maybe the market was traveling at about 125 miles an hour, now we’re just going 100 miles an hour,” said Mark Johnson, the president of JPAR Real Estate. “It’s still fast, it’s just slower than before.”