April home sales dropped to the slowest pace for that month since 2009

The U.S. spring housing market is grappling with headwinds from high interest rates and low consumer confidence, with home sales declining to 75% of their prerecession level over three years. April saw the slowest sales pace since 2009 as pent-up demand remains underutilized despite a slight rise in mortgage rates that could boost demand. Meanwhile, inventory levels hover near five-year highs, limiting downward pressure on prices. Despite resilience among luxury homes, competition and supply constraints pose ongoing challenges for both buyers and sellers.