The National Association of Realtors is reporting that pending home sales dropped 7.7% in in April, 2024. The NAR’s Pending Home Sales Index (a forward-looking indicator based on contract signings) came in at 72.3 in April. The NAR says contract signings retreated in all four regions compared to March and one year ago with the Midwest & West experiencing the largest monthly declines. Interest rates are front & center as well…
“The impact of escalating interest rates throughout April dampened home buying, even with more inventory in the market…But the Federal Reserve’s anticipated rate cut later this year should lead to better conditions, with improved affordability and more supply.” Said the NAR’s Chief Economist, Lawrence Yun.
Click here to read the full report at the National Association of Realtors.
