U.S. existing home sales resumed their downward spiral in March as a sharp jump in mortgage rates cooled consumer demand.
Sales of previously owned homes tumbled 2.4% in March from the prior month to an annual rate of 4.4 million units, according to new data released Thursday by the National Association of Realtors (NAR). On an annual basis, existing home sales are down 22% when compared with March 2022.
“Home sales are trying to recover and are highly sensitive to changes in mortgage rates,” said Lawrence Yun, NAR chief economist. “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.”
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