Pending home sales declined in April by 3.9% from the month before, slowing to a pace not seen in nearly a decade.
and continuing to climb, Yun expects existing home sales to continue to drop. "The escalating mortgage rates have bumped up the cost of purchasing a home by more than 25% from a year ago, while steeper home prices are adding another 15% to that figure," he says.Homeowners locked in at lower rates are also opting not to sell, which is having an impact on already-low inventory.
"It’s not just the affordability contraction of demand that’s reducing the pace of sales in the housing market," says Mark Fleming, chief economist at First American. "There’s another ‘supply’ side to this story. Sellers are facing a prisoner's dilemma.""Existing homeowners are staying put," Fleming notes. "The average tenure length in the U.S. is over 10.5 years, and rising rates will further discourage existing homeowners from selling their homes.
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