US Pending Home Sales Hit Lowest Level Since Early Pandemic

April's 7.7% drop marks the largest decline in three years, driven by high interest rates and low affordability.

The National Association of Realtors reported a 7.7% decline in pending home sales for April.
This is the steepest monthly drop since February 2021, with activity levels not seen since April 2020.
High mortgage rates and rising home prices are major factors dampening buyer activity.
The Federal Reserve's potential rate cuts later this year could improve market conditions.
Sales fell across all regions, with the Midwest and West experiencing the most significant declines.