US Pending Home Sales Fall Sharply Amid Rising Inventories and Mortgage Rates

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.