U.S. Housing Market
Home Sales Plummet as Mortgage Rates Spike
Despite crashing in March, existing US Home Sales were expected to keep declining well into April because of mortgage rates that have done nothing but increase rapidly while mortgage applications collapse. Existing home sales fell to 5.77MM SAAR, a decline of -2.7% month-over-month, returning to levels not seen just following the pandemic in June 2020. This isn’t a new phenomenon, however, as existing home sales are now down year-over-year for the eighth straight month.