Reported 4 months ago
Pending home sales dropped nearly 8% in April due to high mortgage rates, low supply, and soaring home prices. The National Association of Realtors reported that homes under contract fell by over 7% annually, with all four US regions experiencing declines. The increase in mortgage rates to over 7% last month impacted buyer interest, leading to a decrease in pending sales. Despite a rise in inventory, supply remains low, and prices have reached record highs, with cities like New York and Los Angeles seeing significant annual price gains. While rates are expected to decrease in the coming months, affordability issues are likely to persist due to the ongoing imbalance between supply and demand in the housing market.
Source: YAHOO