Discounts vs. Rates: April's New Home Sales Surprise Explained

Former JPMorgan Chase Global Chief Economist & Current Global Keynote Speaker

In a surprising development, U.S. new home sales rose unexpectedly by +10.9% in April 2025, defying widespread expectations of continued weakness. With mortgage rates hovering near multi-decade highs, most analysts had anticipated a sluggish housing market, particularly in the new construction segment. Instead, the Commerce Department reported a notable…