IE Business Daily Business news for the Inland Empire.
Pending home sales dropped 4.1 percent nationwide during the four weeks that ended April 12, the largest decline in four years, a recent study found.
During that time, 43 of the 50 largest housing markets recorded a decline in pending home sales, a trend attributed in part to the economic uncertainty caused by the Iran war, according to Redfin, a Seattle-based real estate brokerage.
The largest declines were Providence, R.I. (-17.5 percent), Houston (-16.9 percent) and Nassau County, N.Y. (-14.8 percent).
Riverside reported a 13 percent year-over-year drop in new listings during that four-week week period, the fourth-largest drop among major markets.
“Would-be homebuyers are backing away, partly because the Iran war is causing widespread geopolitical and economic uncertainty, making some Americans wary of a making a big purchase,” the report states. “(The war) has also contributed to higher mortgage rates. Mortgage rates may swing up or down in the next few weeks, depending on the direction of the war, the outcome of negotiations, and oil prices.”
