US Pending Home Sales Fall Sharply Amid Rising Inventories and Mortgage Rates
TL;DR
Pending home sales in the US declined significantly in April across all regions, with the West and South experiencing the steepest drops and inventories reaching five-year highs, indicating a market correction after pandemic-driven price spikes. Despite falling sales, inventories are rising, especially in California, Florida, and Texas, providing better negotiating power for buyers. Mortgage rates have stabilized around 6.89%, but high prices continue to hinder demand, reflecting a market adjusting from pandemic excesses.
Topics:businessreal-estate#california#housing-market#inventory-surge#mortgage-rates#pending-home-sales#real-estate
- Pending Home Sales Plunge in All Regions, Inventories Surge. In the West & South, Collapsed Sales Meet Spiking Inventories Wolf Street
- Housing contract activity dropped sharply in April as volatility and high rates reigned Yahoo Finance
- 'We're in a holding pattern': Home sales and building slump in the face of uncertainty NPR
- US Pending Home Sales Drop by Most Since 2022 on Mortgage Rates Bloomberg
- Gold prices holding gains as U.S. pending home sales drop 6.3% in April KITCO
Want the full story? Read the original reporting
Read on Wolf Street