Mortgage Rate Hikes Push Existing Home Sales to a Nine-Month Low
First-time purchasers face persistent affordability challenges. Mortgage rates rose in recent weeks amid inflation concerns and geopolitical tensions that pushed energy prices higher. This shift kept potential buyers on the sidelines. The National Association of Realtors reported existing-home sales fell 3.6% in March to a seasonally adjusted annual rate of 3.98 million units. This is the slowest pace in nine months. Sales are 1% lower than a year ago. The median existing-home price reached a record high for March. This price support is driven by limited supply, as housing inventory remains below historical norms despite a 3.0% increase from February to 1.36 million units. The median existing-home price rose 1.4% year-over-year to $408,800.
More Briefs
A $100,000 cap on Social Security benefits could reshape who gains and who loses in retirement
Apr 14More homes are on the market, but not enough to meet pre-pandemic norms — and prices may soon fall year-over-year
Apr 14Bitcoin Surges Toward $76,000 as US PPI Data Looms and Oil Trade Speculation Mounts
Apr 14Kimbell Royalty Partners' 10.2% yield depends on commodity price volatility