Home sales are declining and this could be bad indicator for the busy spring season as we are facing economic uncertainty and rising interest rates
Homebuying trends are reversing course amid higher mortgage rates and continued growth in home prices, Hope reports.
Catch up quick: Pending home sales last month were 4.1% lower than in January, the National Association of Realtors reported today.
Sales of new and existing homes have also fallen in the month of February.
The big picture: February precedes a usually busy spring season for homebuying. But rising rates (now closing in on 5% for a 30-year fixed mortgage) are seen as a threat to the usual pace.
Axios Closer By Hope King and Nathan Bomey ·Mar 25, 2022