Newsweek
Home sale cancellations surged across the country in April, as buyers either got cold feet amid growing economic uncertainty or saw a better opportunity on a market that is facing quickly rising inventory levels.
While housing inventory levels have risen significantly across the U.S. over the past year, easing the shortage that contributed to skyrocketing prices since the pandemic, buyers are still struggling with historically high mortgage rates and rising costs.
National Association of REALTORS® chief economist Lawrence Yun said of falling existing home sales in a statement shared with Newsweek: "Pent-up housing demand continues to grow, though not realized. Any meaningful decline in mortgage rates will help release this demand."