The sales of existing homes in the United States declined in three out of the four major regions countrywide by 2.7% in March compared to the previous month to land at 5.77 million, according to a report published by the National Association of Realtors on Wednesday. The figure registered losses for the second month in a row.
The sales dropped by 4.5% year-on-year in all four regions. The inventory of unsold existing homes increased 11.8% to 950,000 at the end of March due to the slower demand, with the median existing-home sales price surging 15% compared to March 2021 to $375,300.
"The housing market is starting to feel the impact of sharply rising mortgage rates and higher inflation taking a hit on purchasing power. Still, homes are selling rapidly, and home price gains remain in the double-digits," NAR's chief economist Lawrence Yun noted.
