US existing home sales fell below April estimates, reporting a figure of 4.14 million for the month while declining more than expected by 1.9% month-over-month. Realtor.com Chief Economist Danielle Hale helps Yahoo money management look deeper into the housing data and what it signifies for forthcoming improvements in the housing sector.
“For existing homeowners who are maybe reasonably happy with their home, but ready to make a trade either up or down or to something different, it is really expensive to try to get a property loan at a 7% rate, compared to their current rate,” Hale explains. “90% of them are under six and two-thirds are under 4%. so it makes it a lot more expensive to move.”
She also expects real estate sector and buyer activity to “ramp up” with every little decline in property loan rates, but forecasts it to still be a “slow comeback.”
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