Reported 12 months ago
U.S. existing home sales unexpectedly dropped in April due to higher mortgage rates and house prices, with inventory increasing but entry-level homes remaining scarce. Sales decreased 1.9% to 4.14 million units, falling short of expectations, and the market is expected to remain stagnant or decline slightly in the coming months. Despite rising inventory levels, supply constraints persist, leading to a 5.7% increase in median home prices to $407,600, the highest for any April. Economists anticipate a slowdown in residential investment in the second quarter as mortgage rates continue to impact the housing market.
Source: YAHOO