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Home Sales Decline

Sales of previously owned homes in the U.S. declined in March, CNN reports.

Whats going on: “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 National Association of Realtors reported Thursday.”

  • The median price for a previously owned home last month was $393,500, an increase of 4.8% from March 2023, which was the highest on record.
  • The only region of the country to see an increase in existing home sales last month was the Northeast.

Why its happening: Higher list prices combined with still-elevated mortgage rates continue to make home purchasing difficult for Americans.

What it means: “Though rebounding from cyclical lows, home sales are stuck because interest rates have not made any major moves,” said NAR Chief Economist Lawrence Yun.

  • However, “[t]here 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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