April pending home sales dropped significantly, signaling a slowdown in the housing market

From CNBC: 2024-05-30 11:26:33

Signed sales contracts on existing homes dropped 7.7% in April compared to March, signaling a slowdown in the housing market. Pending sales are down 7.4% from last year, reflecting a more competitive market with rising mortgage rates. Sales fell in all regions, with the Midwest and West hit hardest.

Despite an increase in inventory, sellers are cutting prices at the highest rate since 2022. The median asking price also dropped for the first time in six months. Active inventory is 30% higher than last year, pointing to a potentially more active summer market. Lower mortgage rates are needed to stimulate buyer and seller activity.



Read more at CNBC: April pending home sales hit lowest level since start of pandemic