April home sales disappoint as higher mortgage rates weigh on buyers
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- Sales of previously owned homes in April were essentially flat compared with March, rising just 0.2% to 4.02 million units on a seasonally adjusted, annualized basis, according to the National Association of Realtors.
- This count is based on closings, so contracts likely signed in late February and March.
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Sales of previously owned homes in April were essentially flat compared with March, rising just 0.2% to 4.02 million units on a seasonally adjusted, annualized basis, according to the National Association of Realtors. Housing analysts were expecting a gain of more than 3%.
April sales were unchanged year-over-year. This count is based on closings, so contracts likely signed in late February and March. The average rate on the 30-year fixed mortgage ended March in the high 5% range, according to Mortgage News Daily, and then shot up sharply, due to the start of the U.S.-Israel war with Iran.