NEW YORK, May 14 (Xinhua) -- April is normally when transactions kick into overdrive, warmer weather drawing in buyers and sellers alike. But this year, the number of signed contracts was the lowest for the month since the COVID-19 lockdown in 2020 in the United States, according to seasonally adjusted data from Redfin Corp.
"Deals were down 3 percent from last April, already seen as a low mark," said Bloomberg News on Wednesday about the development, adding that active listings for April also ballooned to the highest level since 2019, suggesting homes are piling up on the market.
Annual median price growth, measured by completed purchases, was just 1.4 percent, compared with the almost 6 percent gain recorded in April 2024, it said.
"Hopes for a spring bounce have run headlong into economic turmoil as high mortgage rates squeeze affordability and President Donald Trump's trade wars spur stock swings and weigh on consumer confidence," noted the report. As a result, nobody feels any urgency. Would-be buyers are staying on the sidelines and sellers are in no rush because few are in financial distress.
