Rising Prices and Rates Stall Home Sales in April
TL;DR Summary
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.
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- 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
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