Pending home sales decreased 6.3% in April to a level of 71.3 on the National Association of Realtors Pending Home Sales Index. Compared with April 2024, pending home sales declined 2.5%.
On a regional month-over-month breakdown, the Northeast PHSI decreased 0.6%, the Midwest decreased 5.0%, the South decreased 7.7% and the West decreased 8.9%.
"At this critical stage of the housing market, it is all about mortgage rates," NAR Chief Economist Lawrence Yun said in a statement. "Despite an increase in housing inventory, we are not seeing higher home sales. Lower mortgage rates are essential to bring home buyers back into the housing market."
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