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The spring selling and buying season, usually the busiest, was down across the country as homebuyers shied away from still high interest rates and sellers stayed home, not wanting to sell and have no where to move. According to the National Association of REALTORS®, pending home sales recorded no change in April. “Three U.S. regions posted monthly gains, while the Northeast decreased. All four regions saw year-over-year declines in transactions.”
“Not all buying interests are being completed due to limited inventory,” said NAR Chief Economist Lawrence Yun. “Affordability challenges certainly remain and continue to hold back contract signings, but a sizeable increase in housing inventory will be critical to get more Americans moving.”
