Reported 5 months ago
US existing-home sales unexpectedly fell for the second consecutive month in April, indicating a struggle in the resale market due to high prices and borrowing costs. Sales decreased by 1.9% to a 4.14 million annualized rate, below economists' estimates. Limited inventory is keeping prices high, with the median selling price reaching a record high of $407,600. Despite some increase in inventory, the supply remains below pre-pandemic levels, impacting lower and middle-income Americans. The report also highlighted that pending-home sales don't always translate to closings due to various contingencies.
Source: YAHOO