Reported 6 months ago
Existing-home sales in April declined by 1.9% to a seasonally adjusted annual rate of 4.14 million, with a 1.9% year-over-year decrease, according to the National Association of Realtors. The median sale price for existing homes rose to $407,600, a 5.7% increase from the previous year. Despite rising mortgage rates, housing inventory has been increasing, with unsold inventory reaching 1.21 million units and a 3.5-month supply at the current sales pace. Single-family housing starts decreased in April, with homebuilder confidence also dropping due to high mortgage rates and new regulations affecting construction costs. The housing market's strongest segments have been upper-end and luxury properties, while moderate-income and first-time buyers are likely to wait for lower rates.
Source: YAHOO