"March Home Sales Decline Amid Rising Mortgage Rates and Record High Prices"

The spring homebuying season has started slowly with a 4.3% decline in home sales in March due to elevated mortgage rates and rising prices, according to the National Association of Realtors. The median home sales price rose 4.8% from a year earlier to $393,500, marking the ninth consecutive month of price increases. The shortage of homes on the market has led to heightened competition, with 60% of homes selling within a month and 29% selling above their initial list price. Mortgage rates have risen, reaching above 7%, impacting affordability for buyers, especially first-time homebuyers. Despite the challenges, economists expect mortgage rates to ease later in the year.