March homes sales dropped despite a surge in supply. Here's why.
by CNBC
CNBC— The median price of an existing home sold in March was $393,500, up 4.8% from the year before.
tennesseestar.com—Home Sales Drop in March as Mortgage Rates Surge over 7 Percent. Existing home sales shrank in March as consumers respond to continuing price increases and rising mortgage rates. Sales for existing homes fell 4.3% in March compared to the previous month and 3.7% year-over-year, to an annual rate of 4.19 million, according to a press release from the National Association of Realtors (NAR). The average for a 30-year fixed-rate mortgage reached 7.10% this week, a substantial jump from 6.88% last week, depressing Americans’ desire to switch homes and possibly...
ABC Columbia—New home sales surge in March. Some real estate agents have been pretty busy over the past few weeks.
Newsweek—Number of New Homes for Sale Surges. The number of homes available for sale rose by more than 10 percent in March compared to the same time a year ago, data from the U.S. Census Bureau showed on Tuesday.Last month, there were 477,000 new homes available for sale, 44,000 more than in March of 2023. Compared to February 2024, new homes ready for sale were up by close to 3 percent. The March data amounted to 8.3 months of supply of homes available for sale.: What Is a Mortgage? Types & How They WorkMeanwhile, sales for the month were...