Existing home sales fell 1.9% to a seasonally adjusted annual rate of 4.14 million in April from a revised 4.22 million in March, reflecting the impact of high mortgage rates and rising prices. Sales declined across all regions, with the median home price setting a record at $407,600.
The current housing market is characterized by high mortgage rates, with the benchmark 30-year fixed-rate loan at 7.02%, deterring potential buyers and leading to a decrease in sales. Limited housing inventory, along with homeowners holding back from selling due to rate concerns, contributes to the pricing pressure.
"Normally at this time of year we'd see a surge in home sales, but mortgage rates continue to depress listings and buying, and unfortunately, prices continue to rise, further pushing the opportunity away from lower-income, and even middle-income Americans." - Robert Frick, Navy Federal Credit Union
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