Rising Prices and Rates Stall Home Sales in April
TL;DR
The median U.S. home-sale price reached a record $387,600 for the four weeks ending May 19, up 4% year-over-year, while pending home sales fell 4.2% due to high housing costs and limited inventory. Mortgage rates slightly declined to 7.02%, offering minor relief to buyers. Despite an 8% increase in new listings, overall inventory remains below typical spring levels, causing prices to continue rising. Many homeowners are reluctant to sell due to higher current mortgage rates compared to their existing ones.
Topics:businessreal-estate#home-prices#housing-market#inventory#mortgage-rates#pending-sales#real-estate
- Home Prices Hit Another Record High, Pushing Pending Sales Down 4% Redfin News
- Sales of newly built homes tank in April, as prices and interest rates rise CNBC
- Up First Briefing: Spring housing market; benefits of cycling NPR
- Buying a house keeps getting more expensive: realtors Business Insider
- Home Sales Fell Again in April After High Mortgage Rates Damped Activity The Wall Street Journal
Want the full story? Read the original reporting
Read on Redfin News