Contracts to purchase the US initially owned homes fell to the lowest level in nearly two years as rising house prices and mortgages lowered the pool of buyers.
- The National Association of Realtors (NAR) stated its Pending Home Sales Index, which tracks signed contracts, dropped from 1.25 last month to 103.7. The fifth monthly decline in a row and pushed contracts to the lowest level since May 2020.
- Pending home sales increased in the Northeast but plunged in the South, West, and Midwest. Pending home sales fell by 8.2% in March on a year-on-year basis.
- Data last week indicated sales of previously owned homes plunged to the lowest level in two years in March.
The 30-year fixed-rate mortgage hovered around 5.11% during the week ended April 21, the highest level since April 2010 and an increase from 5.005 in the previous week.
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Source: National Association of Realtors