Reported 4 months ago
Contract signings for U.S. home purchases fell by the most in three years in April as high interest rates impact the housing market, resulting in the lowest level of activity since the start of the pandemic in 2020. The National Association of Realtors reported a 7.7% drop in the pending home sales index to 72.3 in April from an upwardly revised 78.3 in March. The decrease is attributed to escalating interest rates affecting home buying, but optimism for improved conditions arises from anticipated rate cuts by the Federal Reserve later in the year.
Source: YAHOO