Archive · 22 May 2025
US Home Sales Dip to 15-Year Low Amid High Mortgage Rates
Home sales in the U.S. slowed down in April, making it the slowest April for home sales since 2009.
This is because it's getting more expensive to buy a house.
Mortgage rates are high, around 6.86%, and house prices are still going up.
There are more houses available to buy, but fewer people are buying them because of the high costs.
First-time buyers are still active, making up 34% of sales.
Experts think mortgage rates will stay between 6% and 7% this year, which might keep the market challenging for buyers.
Existing home sales fell 0.5% from March to a seasonally adjusted annual rate of 4 million units.
Sales were down 2% compared to April 2023.
The median home price hit $414,000, up 1.8% from April 2023.
The average rate on a 30-year mortgage climbed to 6.86%.
The number of unsold homes rose to 1.45 million in April.
- Who
- Home sales
- What
- Sales of previously owned homes declined for the second month in a row.
- When
- April
- Where
- United States
- Why
- Elevated mortgage rates and record prices are squeezing potential buyers.
- Sales Decline
- 0.5% from March
- Sales Compared to Last Year
- Down 2% from April 2023
- Median Home Price
- $414,000
- Mortgage Rate
- 6.86% (30-year average)
- Unsold Homes
- 1.45 million in April
- First-time Buyers
- 34% of sales in April