Sales of previously occupied U.S. homes sank last month, pushed down by high mortgage rates and rising prices.
PAUL WISEMANU.S. existing home sales sank in April, pushed down by high mortgage rates and rising home prices . The housing market forecast appears mixed.High mortgage rates and rising prices continued to put a damper on the spring homebuying season last month.
Lawrence Yun, the association's chief economist, called the sales drop "a little frustrating.'' Economists had expected sales to come in at 4.2 million.The rate on the benchmark 30-year, fixed-rate loan has risen five of the last six weeks and stands at 7.02%, up from 6.39% a year ago. Would-be homebuyers are also deterred by the high prices, caused partly by a tight inventory of available homes.
"Normally at this time of year we'd see a surge in home sales, but mortgage rates continue to depress listings and buying,'' said Robert Frick, economist at the Navy Federal Credit Union. "And unfortunately, prices continue to rise, further pushing the opportunity away from lower-income, and even middle-income Americans. The only real relief to the situation will come from the Fed cutting rates later this year, which will eventually filter through to mortgage rates.
Housing Market Forecast 2024 Us Existing Home Sales Existing Home Sales Data Existing Home Sales Home Prices Housing Prices 14858993
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April 2024 Home/Condo SalesThanks as always to realtor Kevin Wood for compiling this monthly list of home/condo sales for PoPville. Click below on “April 2024 Sales” for the full list of sales in PDF and excel formats. April 2024 Sales (PDF) April 2024 Sales (Excel)
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