The US housing market is experiencing a slowdown, with pending home sales dropping 6.3% in April to their lowest level since September 2022, according to data from the National Association of Realtors. This decline marks a disappointment for the spring selling season, as high asking prices and mortgage rates are deterring potential buyers.
The West region saw the largest decline in pending sales in over two and a half years, further highlighting the market’s struggles. The steep drop in contract signings has significant implications for the housing market, suggesting a decrease in buyer activity and potentially impacting home prices.
Source: https://www.bloomberg.com/news/articles/2025-05-29/us-pending-home-sales-drop-by-most-since-2022-on-mortgage-rates