Spring Sale Sales Sales At the Terrible Start As April Sales fall more than expected

Sales of previously occupied American houses fell in April, as raised mortgage rates and price increases discouraged future home buyers during what is traditionally the busiest of the year for the apartment market.

Existing home sales fell 0.5% last month from March to an annual seasonal rate of 4 million units, the National Association of Realtors said Thursday.

The fall of sales marks the slowest peace of sales for April going to 2009. March sales peace was also slower for that month going back to 2009.

Sales fell 2% compared to April last year. The latest sales of homes fell less than 4.10 million peace economists waiting, according to the factset.

Home prices increased on an annual basis for the 22nd of the month in a row, albeit at a slower pace.

The national average sales priest increased 1.8% in April from a year ago to $ 414,000, a high time for April.

“The affordability is clearly damaging the market, especially the highest mortgage rates,” said Lawrence Yun, NAR leading economist.

The US housing market has been in a decline in sales since 2022, when mortgage rates begin to climb the downsides of the Pandemic era. Sales of previously occupied American houses dropped last year to their lowest level at nearly 30 years.

The average rate of a 30-year-old death has remained relatively close to the high level so far this year of just over 7%, which it placed in mid-January.

The low rate of average rate by now was five weeks of action, when it briefly fell to 6.62%.

Raised mortgage rates, which can add hundreds of dollars a month to cost for borrowers, have frozen many builders of potential homes, although the inventory of houses on the market has increased significantly from last year.

There were 1.45 million Unsldo homes at the end of last month, a 9% increase from Mars, and 20.8% higher than April last year, NAR said.

This translates into a 4.4-month supply in current sales peace, from a 3.5-month peace at the end of April last year.

Traditionally, a supply of 5 to 6 months is considered a balanced market between buyers and sellers.