CNN
Sales of previously owned homes in the United States fell in March as home prices climbed and mortgage rates held steady that month, reflecting the persistent pain of America’s affordability woes and undermining the crucial spring homebuying season.
Existing-home sales, which make up the majority of the housing market, fell 4.3% in March to a seasonally adjusted annual rate of 4.19 million, the sharpest drop in more than a year, the National Association of Realtors® reported Thursday. Sales fell across the country except in the Northeast region, which saw an increase for the first time since November 2023.
Meanwhile, the median price of an existing home was $393,500 last month, an increase of 4.8% from a year earlier. That was the highest March price on record. Rising home prices coupled with mortgage rates stuck at elevated levels means Americans are still dealing with a tough housing market.
“Though rebounding from cyclical lows, home sales are stuck because interest rates have not made any major moves,” NAR chief economist Lawrence Yun said in a release. “There are nearly six million more jobs now compared to pre-Covid highs, which suggests more aspiring homebuyers exist in the market.”
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