Reported 3 months ago
In April, housing contract activity experienced a significant downturn as high mortgage rates and tariff uncertainties impacted buyer confidence. The Pending Home Sales Index dropped 6.3% month-over-month to 71.3, deviating sharply from expectations of a minimal decline. With inventory levels rising, nearly 1 million homes were active on the market, yet prices remained elevated and mortgage rates hovered above 6%, leaving many potential buyers unable to enter the market. Experts highlighted that lower mortgage rates are critical for reigniting home sales.
Source: YAHOO