Sales of new U.S. single-family homes surged to more than a three-year high in April as builders lowered prices to attract buyers, but rising mortgage rates and economic uncertainty remained headwinds for the housing market.

Existing U.S. home sales hit their lowest annualized rate for April since 2009. Why it matters: Lower consumer sentiment and elevated mortgage rates are exerting pressure on the housing market. The big picture: Sales fell 0.

Home sales are slowing again, and the culprit is no mystery — insert an “in this economy” joke here. On Thursday, the National Association of Realtors reported that existing-home sales fell to a seasonally adjusted annual rate of four million in April,

Sales of new U.S. single-family homes unexpectedly increased in April as builders lowered prices to lure buyers, but rising mortgage rates and an uncertain economic outlook remain constraints for the housing market.

Despite the brief retreat in mortgage rates and increased supply, existing home sales dropped to a 7-month low in April, according to the National Association of Realtors.

U.S. sales of previously owned homes unexpectedly dropped in April, restrained by ongoing affordability constraints and highlighting a lackluster start to the key spring selling season.