Reported 4 months ago
US pending home sales declined by 7.7% in April, a significant drop compared to the National Association of Realtors' forecast of 1.0% month-over-month decrease. This decline is attributed to the impact of rising mortgage rates on homebuyer activity. Lawrence Yun, NAR Chief Economist, mentioned that the anticipated Federal Reserve interest rate cut later in the year could lead to improved conditions with better affordability and increased supply, indicating potential opportunities for homebuyers.
Source: YAHOO