US New Home Sales Slump 6.2% in April as Mortgage Rates Spike

U.S. new single-family home sales plunged 6.2% month-on-month to a 622,000 annualized pace in April, extending weakness in the housing sector and raising downside risks for the US SP 500. The drop follows earlier strength in durable goods orders, which surged 7.9% to $346.0B, led by a 21.5% jump in transportation equipment. Higher mortgage rates near 6.65% and elevated prices have pushed unsold inventory to 489,000 units, with residential investment now in contraction for five straight quarters. Markets are reassessing growth and policy outlooks amid these mixed signals.