Sales of previously occupied American houses slowed down in March, a Slow start for the spring house purchase season As high mortgage rates and the increase in prices discouraged possible housing buyers.
Existing housing sales fell 5.9% last month from February to a seasonally adjusted annual rate of 4.02 million units, the National Association of Real Estate Agents said Thursday. The decrease in March sales is the largest monthly drop since November 2022, when sales fell 6.7% compared to the previous month.
Sales fell 2.4% compared to March last year. The latest housing sales did not reach the 4.12 million economists of rhythm they expected, according to Factset.
He Average cost of an US mortgage.That it rose to its highest level in two months last week, it is a significant barrier for possible housing buyers, said Lawrence Yun, chief economist of Nar.
“The mobility of residential housing, currently in historical minimums, points out the problematic possibility of less economic mobility for society,” said Yun.
Housing prices increased by a Annual basic for consecutive month 21Although at a slower pace. The national medium sale price increased 2.7% in March from a year prior to $ 403,700, a historical maximum for March, but the smallest annual increase since August.
The United States real estate market has been in a sales fall since 2022, when mortgage rates amount to minimal Pandemic-Aira. The sales of US housing previously occupied fell last year to their lowest level in almost 30 years.
The highest mortgage rates also decrease the beginning of the season of purchase of spring housing in 2024. This year, after climbing a little more than 7% in mid -January, the average rate in a week of Hashst Mortargage 6,8363 of 30 years. Eight weeks, in accordance with the mortgage buyer Freddie Mac.
Sales fell in March, even when homemade buyers more houses arrived on the market for the season of purchase of spring houses.
There were 1.33 million homes not sold at the end of last month, an increase of 8.1% as of February, said Nar.
That translates into a supply of 4 monh to the current sales rhythm, compared to a 3.2 -month rate at the end of March last year. Traditionally, a supply of 5 to 6 months is a market consulted between buyers and vendors.
“I felt that more inventory would lead to more sales, but that is not the case,” Yun said.
