Sales of previously occupied U.S. homes slowed in March to the slowest pace in nearly two years as a swift rise in mortgage rates and record-high prices discouraged would-be homebuyers
Existing home sales fell 2.7% last month from February to a seasonally adjusted annual rate of 5.77 million, the National Association of Realtors said Wednesday.
“At the moment my sense based on casually looking at data is that home sales could easily be down 10% this year versus last year,” said Lawrence Yun, NAR’s chief economist.Rising mortgage rates are complicating the homebuying equation during the spring homebuying season, traditionally the busiest period for home sales.
For now, the housing market continues to favor sellers as buyers vie for fewer homes, which drives bidding wars, often pushing the sale price well above what the owner was asking. At the current sales pace, the level of for-sale properties amounts to a 2-month supply, the NAR said. That’s up from 1.7 months in February, and down from 2.1 months a year ago.
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