Existing-home sales decreased 2.7% between February and March, dropping to a seasonally adjusted, annual rate of 5.77 million. It was the second consecutive month in which sales fell. Compared to a year ago, sales were down 4.5%.
The numbers: Existing-home sales decreased 2.7% between February and March, dropping to a seasonally adjusted, annual rate of 5.77 million, the National Association of Realtors said Wednesday. It was the second consecutive month in which sales fell. Compared to a year ago, sales were down 4.5%.
Yun now predicts that home sales will contract by 10% in 2022, as surging mortgage rates curb home-buying demand and home-price growth. The median price for an existing home was $375,300, up 15% from March 2021. Homes remained on the market for 17 days on average, and a staggering 87% of the homes sold in March had been on the market for less than a month.
Rising mortgages rates are putting a significant strain on many home buyers’ budgets, reducing the size of the home they can afford to buy just as the spring home-buying season has gotten underway.
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