Sales of previously occupied U.S. homes slowed in April for the third month in a row as mortgage rates surged, driving up borrowing costs for would-be homebuyers as home prices soared to new highs
FILE - A for sale sign is displayed outside a home in Mount Lebanon, Pa., on Tuesday, Sept. 21, 2021. Sales of previously occupied U.S. homes slowed in March 2022, to the slowest pace in nearly two years as a swift rise in mortgage rates and record-high prices discouraged would-be homebuyers. The National Association of Realtors said Wednesday, April 20, 2022, that existing home sales fell 2.7% last month from February to a seasonally adjusted annual rate of 5.77 million.
That was slightly higher than what economists were expecting, according to FactSet. Sales fell 5.9% from April last year. After climbing to a 6.49 million annual rate in January, sales have fallen to the slowest pace since June 2020, near the start of the pandemic, when they were running at an annualized rate of 4.77 million homes.
In April, the weekly average rate on a 30-year fixed-rate home loan climbed above 5% for the first time in more than a decade, crimping would-be homeowners’ purchasing power at the outset of the spring homebuying season, traditionally the busiest period for home sales. Higher rates can limit the pool of buyers and cool the rate of home price growth — good news for buyers. But higher rates can also limit affordability.
“We anticipate, again, a continuing decline in home sales, but not necessarily home prices,” he said.
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