According to the National Association of Realtors, pending home sales fell 7.7 percent in April. All four U.S. regions registered month-over-month and year-over-year decreases, with the West and Midwest experienced the largest monthly declines.
“The impact of escalating interest rates throughout April dampened home buying, even with more inventory in the market,” said NAR Chief Economist Lawrence Yun. “But the Federal Reserve’s anticipated rate cut later this year should lead to better conditions, with improved affordability and more supply.”
The West index decreased 8.5 percent in April, down 7.3 percent from April 2023.
