LOS ANGELES (AP) — The spring homebuying season is off to a sluggish start as home shoppers contend with elevated mortgage rates and rising prices.
Sales of previously occupied U.S. homes fell 4.3% in March from the previous month to a seasonally adjusted annual rate of 4.19 million, the National Association of Realtors said Thursday. That’s the first monthly decline in sales since December and follows a nearly 10% monthly sales jump in February.
Existing home sales also fell 3.7% compared with March last year. The latest sales still came in slightly higher than the 4.16 million pace economists were expecting, according to FactSet.
A modest pullback in mortgage rates early this year helped lift home sales in January and February, but rates mostly ticked up in February and March, when many of the home sales that were finalized last month would have taken place.
Vice President Harris returning to Wisconsin for third visit this year
China launches new remote sensing satellite
Technical, technological measures facilitate restoration of seagrass beds
Former Wisconsin Democratic Rep. Peter Barca announces new bid for Congress
China, Micronesia to elevate ties
Chinese researchers call for increase in advanced carbon observation stations
Enhanced technology ensures safety and efficiency of Chinese NEVs
Husband of former Scottish leader Nicola Sturgeon is arrested again in party finance probe
12 killed in boat capsize accident in North China; boat owner detained
The iconic American rivers becoming so filthy with pollution they are 'endangered'
Virtual technology showcased at 2023 CIFTIS