US existing home sales contract as mortgage rates rise and tensions with Iran escalate.

Redfin states that in the four weeks leading up to April 5th, signed contracts for existing homes in the United States were down 2.4% compared to the same period last year. This is the largest decline in three months. The biggest declines in sales were seen in Providence, Rhode Island, Houston, and New York, while the largest increases were in West Palm Beach, San Francisco, and San Jose. The pace of home sales is also slow, with the typical home taking 51 days to go under contract nationally, the longest since 2019. Reasons for potential buyers hesitating include rising mortgage rates, increasing home prices, and the conflict in Iran. Redfin also notes that house hunting has paused over the Easter weekend, which fell within this four-week period this year but not in the same period last year. In terms of sales, new listings were down 2.6% compared to the previous year, the largest drop in a month, partly due to the Easter weekend impact.