Home sales dropped in April across the four regions of the country, according to the National Association of Realtors , another sign of a struggling housing market that is grappling with high prices and elevated mortgage rates.Pending sales, an indicator of how many houses will be sold based on contract signings, fell close to 8 percent last month from March. On a yearly basis, sales were down more than 7 percent.
The key to whether buyers will take a plunge into the housing market remains whether they can afford home loans that have remained expensive. On Thursday, however, economic news that showed growth was slowing while inflation may be cooling had some economists suggesting that the Fed may reduce borrowing costs in September.All regions in the country saw decreases in pending home sales. The Northeast posted a drop of 3.5 percent in April compared to the prior month.
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