Jinx Breaks Down the Real Estate Market: Sales Drop 7.7% in April

Exploding Sales Contracts Fizzle Out

Hey there it's Jinx reporting live from the chaotic world of real estate. Signed sales contracts on homes took a nosedive in April dropping 7.7% compared to March. Looks like buyers are running away faster than Ziggs after planting a bomb!

Mortgage Rates Hit Like a Super Mega Death Rocket

The average rate on the 30 year fixed mortgage skyrocketed to 7.5% by the end of April scaring away buyers faster than Teemo escaping into the brush. With home prices soaring and supply lower than a Yordle's stature this rate increase really blew up sales.

Buyers and Sellers Do the Turret Dance

Sales tanked in every region with the Midwest and West feeling the hardest hits. But don't worry Lawrence Yun the NAR's chief economist is looking to the Federal Reserve for a save. Let's hope they can bring some harmony back to the market faster than Seraphine on stage.

Sellers Slash Prices Like a Wild Card

In May sellers were cutting prices left and right with the share hitting 6.4% the highest level since 2022. The median asking price even dropped for the first time in six months. It's a sale showdown out there folks!

Summer Market Heating Up? Maybe!

Active inventory in April was a whopping 30% higher than in 2023. Could this mean we're in for a more action packed summer? Only time will tell if buyers and sellers will dance the turret tango or crash and burn like a well placed Ziggs bomb!

Final Verdict: Will the Market Blitzcrank Back to Life?

"Though inventory and prices are shifting towards buyers we'll need lower mortgage rates to woo everyone back in," said Hannah Jones from Realtor.com. Let's hope this market can bounce back faster than Ekko after ulting!