U.S. new single-family home sales fell 6.2% in April from March to a 622,000
annualized pace, below economists' 660,000 forecast, government data showed on
Thursday. The drop at the start of the spring selling season indicates builders'
incentives and more lower-priced construction have not offset rising mortgage
rates, leaving affordability stretched for lower-income buyers. The result
underscores that the U.S. housing market remains mired in a roughly three-year
slump.
