The share of first-time buyers in the market has contracted by 50% since 2007—right before the Great Recession. The implications for the housing market are staggering.
“The decision reflects the progress of our Tarrytown project, which is providing additional lab and office space to meet the needs of our growing R&D pipeline, as well as our desire to keep more colleagues together on fewer campuses.”
LVR selected Fernandez as its CEO after a lengthy nationwide search.
“At this critical stage of the housing market, it is all about mortgage rates,” said NAR Chief Economist Lawrence Yun.
WASHINGTON—Pending home sales declined 6.3% in April, according to data released by the National Association of Realtors on May 29. All four U.S. regions experienced month-over-month losses in transactions. Year-over-year, contract signings rose in the Midwest, but fell in the Northeast, South and West—with the West suffering the greatest loss.
The Pending Home Sales Index—a forward-looking indicator of home sales based on contract signings—dove 6.3% to 71.3 in April. Year-over-year, pending transactions retracted by 2.5%. An index of 100 is equal to the level of contract activity in 2001.
“At this critical stage of the housing market, it is all about mortgage rates,” said NAR Chief Economist Lawrence Yun. “Despite an increase in housing inventory, we are not seeing higher home sales. Lower mortgage rates are essential to bring home buyers back into the housing market.”
The Northeast PHSI decreased 0.6% from last month to 62.1, down 3.0% from April 2024. The Midwest index condensed 5.0% to 73.5 in April, up 2.2% from the previous year.
The South PHSI sank 7.7% to 85.9 in April, down 3.0% from a year ago. The West index degraded 8.9% from the prior month to 53.3, down 6.5% from April 2024.
“Home buyers have a better chance to purchase homes in affordable regions such as the Midwest, where the typical home price is $313,000—25% below the national median home price,” added Yun. “Moreover, with housing inventory levels reaching five-year highs, home buyers in nearly every region of the country are in a better position to negotiate more favorable terms.”
The share of first-time buyers in the market has contracted by 50% since 2007—right before the Great Recession. The implications for the housing market are staggering.
“The decision reflects the progress of our Tarrytown project, which is providing additional lab and office space to meet the needs of our growing R&D pipeline, as well as our desire to keep more colleagues together on fewer campuses.”
LVR selected Fernandez as its CEO after a lengthy nationwide search.
Parcel A will deliver the first phase of housing as part of the city’s larger commitment to advance the development of approximately 1,500 new homes in Coney Island on city-owned surface parking lots near the boardwalk.
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