Existing-home sales in April saw their sharpest price decline in over a decade, reflecting the first significant year-over-year decline in housing prices, which remained high even as the broader housing market slowed down due to higher borrowing costs.
by the National Association of Realtors, which said the median price for an existing home in April was $388,800. Prices fell across the board in all four regions both in April compared to March, as well as in comparison to the previous year.
The housing market has been in a slowdown due to the Federal Reserve’s aggressive interest rate hikes over the past year as it tried to tame inflation. Higher interest rates have sent the cost of mortgages skyrocketing. The average 30-year fixed rate mortgage was 6.35 percent, according to Freddie Mac’s benchmark survey, while most homeowners who bought during the record low interest rates have been holding on to their home loans.
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