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US home sales slipped unexpectedly in April, despite big gains in supply
Sales of previously owned homes fell 1.9% in April from March to 4.14 million units, on a seasonally adjusted annualized basis, according to the National Association of Realtors. The forecast had been for a slight gain. Sales were also down from April 2023, off 1.9% from last year. These sales are based on closings, so contracts likely signed in February and March. Mortgage rates jumped at the start of February and then held around 7% for the next two months before moving even higher in April. “When we see these mortgage rates, which is a 300 basis point increase from pre-Covid pace, we are in a new territory as to ... (full story)