![]() Industry economists believe that the drop in existing home sales is two pronged: Higher mortgage rates are making purchasing a home less affordable for many buyers and for the buyers who are able to afford a home, there are very few homes to choose from as inventory is so constrained. ![]() “The combination of job gains, limited inventory and fluctuating mortgage rates over the last several months have created an environment of push-pull housing demand.” “Home sales are bouncing back and forth but remain above recent cyclical lows,” Lawrence Yun, NAR’s chief economist, said in a statement. ![]() On a year-over-year basis, sales were down 23.3%. ![]() ![]() Existing home sales declined yet again in April, according to a report from the National Association of Realtors (NAR), released Thursday.Īfter posting a surprise 14.5% monthly increase in February, existing home sales were back down again in March, a trend that continued into April, with existing home sales posting a 3.4% monthly decline to a seasonally adjusted annual rate of 4.28 million. ![]()
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