Source: CNBC —
Sales of newly built homes dropped 16.6% in April from March, far more than expected, and were down 26.9% from April 2021, according to the U.S. Census.
The annualized rate came in at 591,000 units, seasonally adjusted. Analysts had been expecting 750,000. March’s read was also revised lower.
That is the slowest sales pace since April 2020, when everything shut down at the start of the Covid pandemic. Sales surged quickly after that, as Americans sought bigger homes with outdoor spaces for quarantining.
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Builders’ originally relied on Real Estate agents (90s/2000s) who brought their buyers to the subdivisions. Over the years they grew and, when inventory became low, they didn’t think they needed us anymore so they decreased or eliminated commissions to buyers’ agents. This is where we are now. I don’t only speak for myself when I say that I, as a Real Estate professional, I will not be the one to suggest new construction for my buyers.