"March Home Sales Decline Despite Surge in Supply and Rising Mortgage Rates"
TL;DR Summary
Sales of previously-owned homes dropped 4.3% in March compared with February, attributed to rising mortgage rates. Despite a 4.7% increase in inventory, home prices continued to rise, reaching a median of $393,500, the highest ever for March. The market is becoming more competitive, with homes selling faster and first-time buyers making a comeback. However, investors pulled back, and all-cash purchases decreased. Mortgage rates have risen to around 7.5%, impacting buyer activity.
- March homes sales dropped despite a surge in supply. Here's why. CNBC
- Home Sales in March Had Biggest Decline in 16 Months The Wall Street Journal
- US homes sales dropped last month as prices reach record March high CNN
- Home sales get hammered by higher mortgage rates, but one region is holding up MarketWatch
- Sluggish start for spring homebuying season as home sales fall in March with mortgage rates rising The Hill
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