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After surging through the pandemic on a wave of historic demand, sales of new single-family homes are giving way before a nationwide supply shortfall.

New home sales in the US slid 5.9% in April to an annual rate of 863,000 units, the Census Bureau said. Economists surveyed by Bloomberg expected sales to fall only slightly to a rate of 950,000 units. The March reading was revised to 917,000 from 1.02 million.

Sales still sit 48.3% higher than their year-ago level. April 2020 saw home sales hit their lowest levels of the pandemic before diving mortgage rates details ⇒

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