Home Sales, Continue to Fall as, Mortgage Rates Remain High.
In March, sales of previously-occupied
homes in the U.S. fell while prices edged
lower for the second consecutive month.
'The Independent' reports that
the news comes amid a slow start
to the spring homebuying season.
Potential homebuyers have been struggling with
increased mortgage rates and an almost record-low
number of properties available on the market.
On April 20, the National Association of Realtors
(NAR) said that existing home sales dropped
2.4% to an adjusted annual rate of 4.44 million.
According to FactSet,
that's even lower than the 4.5 million
home sales anticipated by economists.
Compared to March of 2022,
sales were down 22% this year.
According to the NAR,
the national median home price
slipped 0.9% to reach $375,700. .
'The Independent' reports that
is the largest annual median home
price drop since January of 2012.
Meanwhile, the average long-term rate on a 30-year
mortgage climbed to 6.73%, which can add hundreds
of dollars a month in costs for homebuyers.
In the fall, rates reached a twenty-year
high of 7.08% following a string of
interest rate hikes by the Federal Reserve. .
In the fall, rates reached a twenty-year
high of 7.08% following a string of
interest rate hikes by the Federal Reserve.