High Mortgage Rates and Near-Record Home Prices Continue to Stall the Market
Home sales fell in April for the second straight month, as high mortgage rates and near-record home prices continue to stall the market during the prime selling season. Sales of previously owned homes decreased 1.9% from the prior month to a seasonally adjusted annual rate of 4.14 million, the National Association of Realtors announced Wednesday.
Inflation rose about as expected in April, with markets on edge over when interest rates might start coming down, according to a measure released Friday that is followed closely by the Federal Reserve.
Real gross domestic product increased at an annual rate of 1.3% in the first quarter of 2024, according to the “second” estimate released by the Bureau of Economic Analysis.
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