Sales of new US 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.

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.

Sales of previously occupied U.S. homes fell in April, as elevated mortgage rates and rising prices discouraged prospective home shoppers during what’s traditionally the busiest time of the year for the housing market.