March Home Sales Decline Due to Mortgage Rate Volatility.

Existing-home sales in the US fell 2.4% in March, with all regions posting year-over-year decreases, according to the National Association of Realtors. The median existing-home price for all housing types in March was $375,700, a decline of 0.9% from March 2022. First-time buyers were responsible for 28% of sales in March, up from 27% in February but down from 30% in March 2022. NAR Chief Economist Lawrence Yun said home sales are trying to recover and are highly sensitive to changes in mortgage rates.