The 'unique' housing market zig zags again as existing-home sales decline amid volatile mortgage rates
That followed a 14.5% jump in February that ended 12-month streak of declines. But last month, existing home sales fell to an at an annualized rate of 4.44 million, less than the 4.5 million expected by economists, per Bloomberg.
"Home sales are trying to recover and are highly sensitive to changes in mortgage rates," NAR chief economist Lawrence Yun said in a statement."Yet, at the same time, multiple offers on starter homes are quite common, implying more supply is needed to fully satisfy demand. It's a unique housing market."
Additionally, roughly 65% of March's home sales were on the market for fewer than 30 days, down from 34 days in February. The NAR data follows recent volatility in mortgage rates, which soared to 7% last fall amid aggressive Fed rate hikes, then retreated as inflation cooled, rose again on signs of a tight labor market, and fell back after Silicon Valley Bank collapsed.
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