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Despite a flood of new listings, buyers are cooling off from high prices, rising mortgage rates and economic uncertainty, according to new reports from Zillow and Redfin. Pending homes sales declined 3.4 percent year over year during the four weeks ending May 11, marking the lowest level for this time of the year since 2020.
The 14-agent team, which was previously affiliated with Berkshire Hathaway HomeServices under a different team name, closed over $100 million in sales last year, and has closed more than $410 million since 2020.
The University of Michigan Index of Consumer Sentiment slipped to 50.8 in May, its second lowest reading ever, as Americans fretted about tariffs, inflation and the job market.