US Home Sales Decline Despite Rising Prices.

Pending home sales in the US fell unexpectedly by 5.2% in March, the first decline since November 2022, due to a lack of supply hampering sales activity during the spring buying season, according to the National Association of Realtors. The measure, a leading indicator of the housing market's health, underscores how inventory shortages are quickly becoming the big driver in the market, eclipsing changing mortgage rates. The NAR predicts that newly constructed home sales will increase from last year by 4.5% in 2023 to 670,000 and increase by another 11.9% in 2024 to 750,000.