Stephen Massaha

There are some positive signs.

Contract signings for homes were up four and a half percent year over year.

But signings in April are still about nine percent lower than they were four years ago.

Wesley Harvey is a real estate agent in Nashville.

He says demand picked up when average mortgage rates fell below six percent in February.

But the war against Iran has set those rates back up.

Mortgage rates are now about 6.5 percent, their highest level since August.

Stephen Massaha, NPR News.

Existing home sales fell almost 8.5% compared with December.

Some of that could be blamed on bad weather, but also on consumers feeling down about the economy making them less likely to move.

The median sales price was about $397,000, up just a bit less than a percent compared with a year ago.

The good news is wages have grown faster, and the National Association of Realtors says housing affordability is the best it's been in about four years.

But homeowners and will-be buyers are not looking back four years, but five, back when mortgage rates were half what they are today.

They have declined a bit over the last year,

But homeowners are still reluctant to move and give up their old lower rate.

Stephen Massaha, NPR News.

This is NPR.

Existing home sales fell almost 8.5% compared with December.

Some of that could be blamed on bad weather, but also on consumers feeling down about the economy making them less likely to move.

The median sales price was about $397,000, up just a bit less than a percent compared with a year ago.