Pending home sales are at their lowest level in four years going into Spring of 2024, the worst levels since the height of COVID-19. The news for the usual spring home buying season is looking like a slump as buyers are avoiding high housing prices and are turned off by 7% mortgage rates under President Joe Biden’s economy .
According to an Axios report on housing data collected from the National Association of Realtors (NAR), data shows this is the second-worst drop in home purchases since the agency started collecting data in 2001.
Would-be buyers in the market are facing ever-decreasing supply, shifting housing prices up, as well as mortgage rates that have been stuck at around seven percent. Additionally, homeowners are wanting to hold onto their mortgage rates that have been set at lower levels prior to the rate increases.
The NAR data shows that pending home sales decreased by […]
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