The National Association of Realtors said on Thursday that due to high interest rates suppressing the real estate market, the number of home purchase contracts signed in the US in April saw the biggest drop in three years, a new low since February 2021. Lawrence Yun, the agency's chief economist, said that the impact of rising interest rates throughout April curtailed home purchases, even as inventories in the market increased. However, the Federal Reserve is expected to cut interest rates later this year, which should bring about a better situation. Buyers' affordability will increase, and supply will also increase.