"Record High March Home Prices Drive Drop in US Home Sales Despite Surge in Supply and Sluggish Spring Season Start"
Sales of existing homes in the US dropped 4.3% in March, reaching a seasonally adjusted annual rate of 4.19 million, while the median home price hit a record high of $393,500. Rising home prices and steady mortgage rates are contributing to the ongoing affordability challenges in the housing market, with sales momentum faltering despite a rise in first-time homebuyers. The Federal Reserve's indication of no imminent interest rate cuts and a pending lawsuit settlement affecting real estate agent fees are also impacting buyer behavior.
