Decline in Home Sales for April Reflects Impact of High Mortgage Rates

Friday, 24 May 2024, 12:48

The latest housing data reveals a decrease in both new and existing home sales for April due to persistently high mortgage rates. Despite a 9% increase in the number of homes available on the market, prices maintain a substantial 40% surge compared to four years ago. CBS News business analyst **Jill Schlesinger** provides insights on the ongoing market trends, emphasizing the challenging dynamics at play.

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Market Update: Decline in Home Sales

The recently released housing data indicates a notable decrease in new and existing home sales for April. This downturn is primarily attributed to the continuation of high mortgage rates in the market. Despite a 9% rise in the inventory of homes for sale, the prices have surged by over 40% since four years ago.

Expert Analysis by Jill Schlesinger

CBS News business analyst **Jill Schlesinger** sheds light on the market conditions, pointing out the significant impact of mortgage rates on the sales figures. The situation poses challenges for both buyers and sellers in the current real estate landscape.

This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.