The sales of US homes previously occupied earlier in March have slowed down, the rate of advanced mortgage and rising prices began a transparent in the spring homebing season to discourage potential home buyers.
On Thursday, the National Association of Reallers said the existing home sales decreased by 8.5% out of the annual rate of 1.12 million units from February to February from February to February. March sales decrease is the largest menstrual drop since November 2022, when sales decreased by 6.7% compared to the previous month.
Sales have dropped by 2.5% compared to March last year. According to Factset, the latest home sales 4.12 million pace economists were expected to be less than the expectation.
The average cost of the US mortgage, which has risen to its highest level in two months last week, is an important barrier to the homebreakers, Lawrence Yun, chief economist of the NAR.
“Residential housing mobility, currently in the Historical Tihasik Los, indicates the hassle of low economic dynamics for society,” said Yun.
The price of the house has risen on an annual basis for the 21st month, though slower. The national middle sales price rises to $ 1,700 in March a year ago to $ 1,7, it is high in March, but the smallest annual growth since August.
Since 2022, US housing market sales have been declining, while the mortgage rate begins to climb from the lower the epidemic. The sale of the previously occupied US home had dropped to their lowest level in about 30 years last year.
The higher mortgage rate has also reduced the beginning of the spring homebuing season in 2021. This year, after only the % of the percentage rise in mid -January, the average rate of 5 -year mortgage has improved most, up last week, at its highest level in eight weeks, according to Freddy Mc.
In March, sales were reduced, even more home buyers hit the homewing season market in the spring.
At the end of last month, there was a selling house of 1.5 million, 8.1% from February, Nar said.
It translates to the supply of 4 months at the current sales speed, the more than 3.2-month’s speed in late March last year. Dition is considered as a balance market between 5-6 months supply buyers and sellers.
“I felt that more inventory could sell more, but it didn’t happen,” Yun said.
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