Housing Market Slowdown Amid High Interest Rates | JQJO

The US spring housing market remains sluggish, with April sales of existing homes hitting a 14-year low at 4 million units, a 0.5% decrease from March and 2% year-over-year. High interest rates and low consumer confidence are cited as major factors. While inventory increased by 9% month-over-month, reaching a 4.4-month supply, the median home price rose to a record $414,000, but appreciation slowed to its lowest since July 2023. Increased cancellation rates and a shift towards more negotiation power for buyers signal a cooling market.