March Home Sales and Prices Experience Significant Drops in the U.S.
TL;DR Summary
Sales of previously owned homes in the US fell 2.4% in March compared to February, with sales 22% lower than March 2022, due to a sharp jump in mortgage interest rates. The average rate on the popular 30-year fixed mortgage started January around 6.45%, and briefly dropped below 6% by the end of the month, but rose to 6.85% by the end of March. Supply increased slightly, but is still historically low, with homes staying on the market longer. The median price of an existing home sold in March was $375,700, down 0.9% YoY, but still high due to tight supply.
Topics:business#home-sales#housing-market#mortgage-rates#national-association-of-realtors#real-estate#supply-and-demand
- Home sales fell in March amid volatility in mortgage rates CNBC
- Home prices see biggest annual drop in over a decade: Report Fox Business
- U.S. existing-home prices fall nearly 1% in March, the biggest drop in a decade MarketWatch
- Home sales fell in March, reversing gains CNN
- U.S. existing home sales see surprise drop in March, gold price trades at new daily highs Kitco NEWS
Reading Insights
Total Reads
0
Unique Readers
9
Time Saved
2 min
vs 3 min read
Condensed
82%
563 → 101 words
Want the full story? Read the original article
Read on CNBC