[adrotate group="2"]

SHOCKING DROP: Home Sales Plunge as Tariff Fears Grip Market!

April Sees Devastating 0.5% Slip in Home Sales – The Lowest Rate Since 2009!

Grab your hard hats, folks! The real estate market is taking a nosedive! Reports just in reveal that existing home sales have plummeted to a jaw-dropping rate of 4 million in April. That’s right – we’re looking at the slowest pace for April sales in over a decade! And if you thought that was bad, brace yourselves: that’s a staggering 2% dip from last year!

Tariff Trouble: The Shockwaves of Economic Anxiety!

What’s behind this terrifying trend? Consumer confidence is dangling by a thread! On April 2, President Trump threw the market into chaos with his surprise announcement of reciprocal tariffs on imports from ALL countries. While he later hit the brakes on most of these tariffs for 90 days, the damage was done! Economists are sounding the alarm as fears of an already fragile economy escalate!

Mortgage Mayhem: Rates on the Rise!

And it doesn’t stop there! Mortgage rates are creeping higher each week! As of May 22, the average rate for a 30-year fixed mortgage shot up to a nail-biting 6.86%! Sure, it’s a tad better than last year’s 6.94% rate, but it’s still a far cry from pre-pandemic levels, sending shivers down the spines of potential buyers everywhere!

Inventory Boost: A Silver Lining Amid the Chaos!

But not all hope is lost – in fact, there’s a glimmer of good news for buyers! Existing home inventory surged a phenomenal 9% from March and skyrocketing by a jaw-dropping 20.8% compared to last year! This means buyers have more choices, and that pesky price pressure might finally ease up in some markets!

Home Prices Keep Climbing: A 22-Month Streak!

Hold onto your wallets – house prices are still climbing! The median price for an existing home has shot up 1.8% over the past year, hitting an eye-popping $414,000! That’s the highest April price on record and marks a relentless 22 months of consecutive price hikes!

What’s Next? Brace for Impact!

Experts are predicting that while home shoppers are still hopeful, the landscape varies tremendously by region and price point. Sadly, it looks like mortgage rates are here to stay, making it tougher for home sales to soar anytime soon!

Get ready for a wild ride in the real estate market, folks – it’s only going to get more dramatic from here!

photo credit: money.com

[adrotate group="2"]