"US Pending Home Sales Hit Four-Year Low Amid 7% Mortgage Rates"
TL;DR
Pending home sales in April dropped 7.7% from March, reaching the lowest level since April 2020, due to rising mortgage rates and high home prices. Sales were down 7.4% compared to April last year, with the Midwest and West experiencing the largest declines. Despite increased inventory, affordability remains a challenge, though a potential Federal Reserve rate cut later this year could improve conditions.
Topics:businessreal-estate#home-sales#housing-market#inventory#mortgage-rates#national-association-of-realtors#real-estate
- Pending home sales in April slump to lowest level since the start of the pandemic CNBC
- Pending home sales plunge as home buyers steer clear of 7% mortgage rates MarketWatch
- US Pending Home Sales Gauge Slumps to a Four-Year Low on Rates Bloomberg
- Auto Market Weekly Summary Cox Automotive
- US pending home sales suffer largest drop in three years Yahoo Finance
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