U.S. Existing Home Sales Decline 3.6% in March to 3.98 Million Annual Rate

March Existing Home Sales Reach 3.98 Million Annual Rate, Below Economist Forecasts Sales of previously occupied U.

S. 98 million units, the National Association of Realtors reported on Monday. 06 million pace expected by economists, according to FactSet. Sales also declined 1% in March compared with March last year.

Declines in existing home sales occurred in the Northeast and Midwest in March. 9. The measure of Americans’ short-term expectations stayed below 80 for the 14th consecutive month, a level sometimes associated with recession risks, though broader economic indicators vary.

Median Home Price Rises Amid Sales Slump The national median sales price for existing homes increased 1.

4% in March from a year earlier to $408,800. Home prices have risen on an annual basis for 33 months in a row as of March. S. homes have hovered close to a 4-million annual pace since 2023. 2 million units.

Broader Housing Market Context Since 2022 The U.

S. housing market has been in a slump dating back to 2022. Mortgage rates began to climb from pandemic-era lows in 2022. S. homes remained at 30-year lows in 2023. S. homes declined in January and February 2024 versus a year earlier.