In the final week of April, pending home sales in the U.S. saw a disappointing decline of 10% year-over-year, with single-family home sales down 8% and condo sales down 19%. This downturn reflects a concerning trend, as the median price of pending sales also dipped below last year's figures, marking the first negative year-over-year change in nearly two years. Despite slightly lower mortgage rates making payments cheaper, the overall lack of buyer motivation continues amidst very limited inventory, especially in the Northeast, where unsold listings surged post-Easter.
Pending home sales showed a 10% decline compared to last year, with single-family and condo sales down 8% and 19% respectively, indicating a sluggish market.
The first negative year-over-year home price reading in nearly two years emerged last week, coinciding with lower mortgage rates but stagnant buyer interest.
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