Sluggish home sales and construction mark the slowest April for existing home sales in 16 years. High home prices (up nearly 50% since the pandemic) and mortgage interest rates (6.86%) are deterring buyers. Builder confidence is down, impacted by lumber tariffs and uncertainty about future costs. New home construction is also down, with fewer permits issued. Many potential buyers are waiting for better market conditions, leading to a holding pattern in the housing market.

Prepared by Christopher Adams and reviewed by editorial team.