The article discusses the ongoing struggles in the housing market, particularly the significant decline in pending home sales during April compared to the previous year. This downturn affected all regions, with the West experiencing the most significant drop. Conversely, May data showed a rise in consumer confidence, paired with a renewed interest in home buying fueled by positive expectations amidst tariff pauses. However, elevated home prices and increasing mortgage rates hinder buyer activity. Despite this, millennials exhibit determination, with many intending to purchase homes in the next six months, underscoring a complex buying landscape.
The spring selling season continues to show lackluster housing activity as pending home sales fell sharply in April, trailing behind last year’s figures.
Despite elevated home prices and high mortgage rates, nearly one in four millennials plan to buy a home within the next six months, showcasing resilience.
Recent Consumer Confidence data has counterpointed subdued pending home sales, with an uptick in plans to purchase a home contributing to overall buyer sentiment.
The average rate on a 30-year fixed home loan edged up to 6.89%, continuing pressures on buyers and influencing their purchasing decisions.
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