1113 ET - Sales of existing U.S. homes fell to a seasonally adjusted annual rate of 4.2M in April, the lowest level since October 2024, according to Redfin. That's down 0.2% from a month earlier, and down 1.1% from a year earlier--the first annual decline in seven months. Pending sales--which that includes both existing and newly constructed homes--fell 3.5%. That's the steepest monthly decline since August 2023. Pending sales dropped 2.7% year-over-year. Redfin says housing demand is sluggish because the cost of buying a home is climbing, and economic uncertainty is making many Americans press pause on big purchases. The median home sale price rose 1.4% year-over-year to $438,466 in April. The average 30-year-fixed mortgage rate was 6.73% last month. Spring is typically the busiest season for the housing market. (chris.wack@wsj.com)
(END) Dow Jones Newswires
May 19, 2025 11:13 ET (15:13 GMT)
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