IE Business Daily Business news for the Inland Empire.
Pending home sales fell 1.5 percent nationwide during the week that ended May 24, the second straight week of decline after four consecutive week of increases.
Mortgage-purchase applications fell to their lowest level since early April, the result of higher mortgage rates keeping a lot of would-be homebuyers on the sidelines, according to Redfin, a Seattle real estate company.
Higher mortgage rates and rising home-sale prices caused the median monthly housing payment to rise to its highest level in 11 months: $2,637.
Financial uncertainty is also contributing to the rise in pending home sales, defined as a transaction in which the seller has accepted an offer and the property is under contract, but the sale is not final.
“Some would-be homebuyers are jittery about making a huge purchase when the economy feels shaky, and consumer confidence is at an all-time low,” the report states.
New listings rose 0.2 percent week-over-week, the first increase after four weeks of declines, Redfin reported.
