US Pending Home Sales Increase for Third Month in April
The National Association of Realtors reported a 1.4% increase in pending home sales for April as buyers responded to a temporary retreat in mortgage rates. Economists expect housing demand to remain subdued through the year due to high borrowing costs and limited inventory for entry-level homes.
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United States pending home sales rose 1.4% in April to 74.8, marking a third consecutive monthly increase. The gain exceeded the 1.0% increase forecast by economists polled by Reuters. High mortgage rates and tight inventory continue to limit a broader recovery in housing market activity.
