In April, a significant increase in active home listings and price reductions did not spur more homebuyers into the market, resulting in a 3.2% decline in pending home sales compared to the previous year. While the number of homes for sale climbed to levels higher than those during the onset of COVID-19, rising mortgage rates and economic concerns hindered buyer demand. Analyst Danielle Hale noted that while market conditions are changing, offering buyers more options and better negotiating power, the overall sentiment remains cautious due to recent economic uncertainties.
The number of homes for sale is rising in many markets, giving shoppers more choices than they've had in years.
Sellers are becoming more flexible on pricing, underscored by the price reductions we're seeing, and while higher mortgage rates are certainly weighing on demand.
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