US Home Sales Drop Unexpectedly Despite Rising Prices.
TL;DR Summary
Pending home sales fell by 5.2% in March, the first drop since November, due to tight housing inventory and buyer uncertainty about the financial sector. Year-over-year pending transactions fell by 23.2% in all four regions. The National Association of Realtors predicts that sales will pick up, home prices will stabilize, and mortgage rates will improve in the rest of this year. However, annual sales are expected to drop in 2023 by 9.3% from 2022, and the national median existing home price is expected to decrease by 1.8% in 2023.
Topics:business#home-prices#housing-inventory#mortgage-rates#national-association-of-realtors#pending-home-sales#real-estate
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