world-economy

Spring Home Sales Stall as Mortgage Rates Climb Above 6.3%

U.S. home sales barely moved in April, marking a disappointing start to the critical spring selling season. Mortgage rates surged past 6.3%, rising for the first time in a month and jumping for a second consecutive week. Consumer hesitation over economic uncertainty weighed on buyers, leaving the residential market sluggish despite robust buyer demand in some regions. Northern Virginia posted steady gains during the period, with sales and prices climbing alongside double-digit increases in transaction volume, though tight inventory constraints continued to limit options across most markets. Elevated borrowing costs raise concerns about further dampening buyer activity through the traditionally busy months ahead. The April slowdown underscores how sensitive the housing market remains to rate movements and external economic headwinds.