April Housing Market Update: Resale Houses Scarce, New Home Sales and Prices Fluctuate

Pending home sales in the US remained unchanged in April, according to data from the National Association of Realtors, as inventory challenges continue to thwart buyers. The gauge, a leading sign of the housing market's health, further accentuates how elevated mortgage rates are convincing homeowners to delay their selling plans. On a yearly basis, pending transactions dropped by 20.3%. The shortage of homes in the resale market, a longtime trend made worse by rising mortgage rates, is a big factor weighing on the market.