New Home Sales Lowest Since 1991
Sales of new homes dipped to a level in March that has not been seen since 1991 and the inventory of homes for sale has hit a three-decade high…
Single-family home sales dipped 8.5% last month – the lowest level since October 1991. Economists had only expected a dip of about 1.9%.
Sales of pre-owned homes also fell 2% in March…
More bad news for March: the median price for a new home fell 13.3% to $227,000.