US New Home Sales Plummet Amid High Mortgage Rates | JQJO

New single-family home sales in the US plummeted 13.7% in May to 623,000 units, significantly below expectations and previous averages. High mortgage rates, averaging around 7%, are cited as the primary cause, impacting affordability and buyer confidence. The increased supply of new homes, reaching a 9.8-month supply, further reflects the slowdown. This decline follows recent reports from home builders highlighting the negative impact of high interest rates on sales.