(AURN News) — Buying a home is getting tougher for a growing number of Americans. Pending home sales dropped 6.3 percent in April, showing that rising mortgage rates and high prices are pushing homeownership further out of reach.
The National Association of Realtors reported declines in all four regions of the country, with the biggest drop in the West, where contract signings fell nearly 9 percent from the previous month and 6.5 percent compared to last year.
The Pending Home Sales Index, which tracks contract activity, slipped to 71.3 in April. That’s down 2.5 percent from a year ago and far below the 2001 baseline of 100, signaling ongoing struggles for buyers—even as more homes come onto the market.
Here’s a closer look at how each region fared:
- Northeast: Down slightly by 0.6 percent from March and 3 percent from last year
- Midwest: Dropped 5 percent from March but actually rose 2.2 percent compared to last year
- South: Fell 7.7 percent from last month and 3 percent year-over-year
- West: Took the hardest hit, falling 8.9 percent from March and down 6.5 percent from last year
Mortgage rates remain stubbornly high, making it tough for buyers to get back in, even though there’s more inventory to choose from.
The Midwest is the one bright spot, with pending sales up slightly and home prices averaging about $313,000—roughly 25 percent less than the national median.
This slowdown in the housing market is yet another clear example of how the Trump 2.0 economy has favored the wealthy while average Americans face higher costs and tighter budgets.
Click play to listen to the AURN News report from Jamie Jackson:
