New home sales surged in March, rising 7.4%, well above the expected 1.3%, as inventory continued to tick up to its highest level since 2007. However, many potential buyers were discouraged by high borrowing costs as the 10-year Treasury yield (^TNX), which tends to track with home loan rates, was higher as investors have shifted to defensive plays.
National Association of Realtors (NAR) chief economist Lawrence Yun joins Wealth with Brad Smith to discuss the current state of the US housing market.
To watch more expert insights and analysis on the latest market action, check out more Wealth here: https://finance.yahoo.com/videos/series/wealth/
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