Sales of existing homes declined in March, down a whopping 22% from the year before. The challenges in the housing market reflect the FederalReserve’s efforts to lower inflation by raising interest rates, which has caused mortgage rates to rise.
The challenges in the housing market reflect the Federal Reserve’s efforts to lower inflation by raising interest rates, which has caused mortgage rates to rise and has put home purchases out of reach for many people.Existing-home sales fell by 2.4% in March to a seasonally adjusted annual rate of 4.44 million, according to a report by the National Association of Realtors released Thursday.
"Home sales are trying to recover and are highly sensitive to changes in mortgage rates," said NAR Chief Economist Lawrence Yun."Yet, at the same time, multiple offers on starter homes are quite common, implying more supply is needed to fully satisfy demand. It's a unique housing market." "Barring a sharp backup in mortgage rates, resilient demand should keep a floor under sales, with the mortgage application data point for March already consistent with an increase in sales in April," Oxford Economics analysts wrote of the report."Further ahead, however, we think home sales may come under some renewed pressure as the economy heads toward recession."
The Thursday report was preceded by a housing report by Redfin on Wednesday that showed home prices had their biggest annual decline in more than a decade. The median U.S. home sale price fell 3.3% in March to $400,528, according to Redfin.
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