Reported 5 months ago
In April, existing home sales in the U.S. dropped by 1.9%, reaching a seasonally adjusted annual rate of 4.14 million, primarily due to high mortgage rates and rising prices. The median price of previously owned homes rose to a record $407,600, while sales decreased in all regions of the country. The tight inventory of available homes, combined with high prices, has deterred potential buyers. Economists had expected higher sales, and it is suggested that a Federal Reserve interest rate cut later in the year could provide relief to the housing market.
Source: YAHOO