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.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Malaysia Malaysia Latest News, Malaysia Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
New home sales fell in April as mortgage rates weighed down housing marketNew home sales fell in April as the housing market felt the effects of higher mortgage rates, which have recently inched even higher. New home sales fell 4.7% from March to an annual rate of 634,000, according to a Thursday report from the Census Bureau. The number of new home sales is 7.7% lower than it was in April of last year.
Source: dcexaminer - 🏆 6. / 94 Read more »
The mayor of America's top real estate market explains how it flipped the housing scriptLong gone are the underwater mortgage days Rockford, Ill., whose mayor is explaining how the Midwestern city is now the top real estate market in the country.
Source: FoxBusiness - 🏆 458. / 53 Read more »
Rural Home Buyers Break From America's Housing Market TrendAccording to lending data, the share of USDA home loans, aimed at helping rural buyers, ticked up for the week ending May 24.
Source: Newsweek - 🏆 468. / 52 Read more »
Realtors 'Running Out of Money' as Housing Market StrugglesElevated prices and high borrowing costs for home loans have depressed demand for homes.
Source: Newsweek - 🏆 468. / 52 Read more »
Housing Market Takes 'Interesting' TurnThe share of sales for homes at lower price points is rising, data shows.
Source: Newsweek - 🏆 468. / 52 Read more »
Williams-Sonoma CEO explains how the company deals with a difficult housing marketIn a Wednesday interview with CNBC's Jim Cramer, Williams-Sonoma CEO Laura Alber explained how her company handles a tough housing market.
Source: CNBC - 🏆 12. / 72 Read more »