CNBC Headline: Sales of newly built homes tumbled over 16% in April while prices soared
PUBLISHED TUE, MAY 24 202210:39 AM EDTUPDATED 5 HOURS AGO
* Sales of newly built homes sank to the slowest rate since the start of the Covid pandemic.
* The median price of a new home sold in April was $450,600, an increase of nearly 20% from the year before.
* Slower sales caused the inventory of newly built homes to jump sharply as well to a nine-month supply. A six-month supply is generally considered balanced between buyer and seller.