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Housing market update as existing home sales fall

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Sales of existing homes slowed in April compared to March, as rising prices and high mortgage rates put a damper on demand.
In March 2023, existing home sales in the U.S. fell by 2.4% from February to an annual rate of 4.44 million, marking a 22% decrease from the previous year, according to the National Association of Realtors (NAR). This decline reflects ongoing challenges in the housing market, including high mortgage rates and limited inventory, which have deterred potential buyers. Despite the drop in sales, the median existing-home price rose by 0.8% from the previous year to $375,700, indicating persistent demand amidst constrained supply. Regionally, sales decreased in the Northeast, Midwest, and South, but increased slightly in the West. NAR Chief Economist Lawrence Yun noted that the market is in a "fragile state," with affordability remaining a significant issue for many Americans.

Read the Full Newsweek Article at:
[ https://www.newsweek.com/housing-market-update-existing-home-sales-fall-2076178 ]