By Jordan Yadoo | Bloomberg
Contract closings fell 0.4% to an annualized pace of 4.8 million, the weakest since May 2020, figures from the National Association of Realtors showed Wednesday. The median estimate in a Bloomberg survey of economists called for 4.7 million. Sales fell 17.4% from a year ago on an unadjusted basis. The average rate on a 30-year fixed mortgage surged to 6.25% last week, the highest in almost 14 years and more than double what it was a year ago, according to the Mortgage Bankers Association.
“Inventory will remain tight in the coming months and even for the next couple of years,” Lawrence Yun, NAR’s chief economist, said in a statement. “Some homeowners are unwilling to trade up or trade down after locking in historically-low mortgage rates in recent years, increasing the need for more new-home construction to boost supply.”
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