- Index slides 7.7% to 72.3, lowest reading since April 2020
- Contract signings decrease in all US regions, led by Midwest
A gauge of pending US existing-home sales tumbled to a four-year low in April as higher mortgage rates cast a pall on the spring selling season.
An index of contract signings from the National Association of Realtors dropped 7.7% to 72.3, the lowest reading since the early months of the pandemic. The monthly decline was steeper than all estimates in a Bloomberg survey of economists and the worst since February 2021. All US regions saw decreases from a month earlier.
“The impact of escalating interest rates throughout April dampened home buying, even with more inventory in