Pending home sales in the U.S. saw a dramatic drop of 6.3% in April, marking the largest decline since 2022 and exceeding market expectations. High mortgage rates continuing to impact buyer activity have led to a broader slump in home sales across all regions, with luxury home pending sales falling to their lowest level in over a decade. The cancellation of home sales has surged, particularly in cities like Atlanta, which reported the highest levels of cancellation. As inventories increase, the market faces mounting pressure, leaving many to question the future of the housing market as uncertainty looms over potential buyers and sellers alike.