US Existing Home Sales Fall to Nine-Month Low in March Amid Rising Mortgage Rates

US Home Sales Decline in March Existing home sales in the US fell by 3.

6% in March from February, hitting their lowest level in nine months. 98 million existing home sales for the month. March's figures largely reflect sales agreements made in prior months, with data collection occurring around the time geopolitical tensions in the Middle East escalated.

4% higher than a year earlier. 37% last week. 98% before strikes on Iran began in February. Mortgage rates have increased since the US-Israeli war in Iran began. Mortgage rates dropped in January and February prior to the conflict.

The BBC reported on these trends in housing data.

Factors Impacting Housing Demand March's sales figures were impacted by a drop in consumer confidence and weakness in the US jobs market, according to Dr.

Lawrence Yun, chief economist at the National Association of Realtors. Indicators point to weakening housing demand following a recent jump in mortgage rates and a decline in consumer confidence, which analysts link in part to heightened geopolitical tensions in the Middle East as well as domestic economic factors, stated Thomas Ryan, North America economist at Capital Economics.

The rise in rates has contributed to the overall slowdown in sales activity.

Context of the Iran Conflict Strikes on Iran began in February, marking the start of the US-Israeli war in Iran.

This event preceded the March sales period but has influenced subsequent market conditions. The BBC reported that the conflict has led to knock-on effects in the US economy, including housing. Consumer confidence has declined amid the conflict, contributing to broader economic uncertainty alongside mixed signals in the jobs market.

Dr. Yun noted these factors directly affected the recorded sales volume. The National Association of Realtors provided the primary data on sales and prices for the period.