IE Business Daily Business news for the Inland Empire.
Pending home sales fell 2.4 percent nationwide during the four weeks that ended April 5, the largest decline in three years, according to data released April 9.
Homebuyers are backing away from transactions for several reasons, including higher mortgage rates, higher prices, and the Iran War, Seattle-based Redfin reported.
The weekly average mortgage rate rose to 6.46 percent, their highest level since September while prices rose 2.2 percent year-over year, the largest price increase in one year. As a result, median monthly mortgage payment increased to $2,750, a slight increase from exactly 12 months earlier.
New listings dipped 2.6 year-over-year, the biggest decline in a month. That drop was attributed in part to the Easter weekend, where potential homebuyers often suspend their search for a few days, according to Redfin.
