Home Sales, Continue to Fall as, Mortgage Rates Remain High.<br />In March, sales of previously-occupied <br />homes in the U.S. fell while prices edged <br />lower for the second consecutive month.<br />'The Independent' reports that <br />the news comes amid a slow start <br />to the spring homebuying season.<br />Potential homebuyers have been struggling with <br />increased mortgage rates and an almost record-low <br />number of properties available on the market.<br />On April 20, the National Association of Realtors <br />(NAR) said that existing home sales dropped <br />2.4% to an adjusted annual rate of 4.44 million.<br />According to FactSet, <br />that's even lower than the 4.5 million <br />home sales anticipated by economists.<br />Compared to March of 2022, <br />sales were down 22% this year.<br />According to the NAR, <br />the national median home price <br />slipped 0.9% to reach $375,700. .<br />'The Independent' reports that <br />is the largest annual median home <br />price drop since January of 2012.<br />Meanwhile, the average long-term rate on a 30-year <br />mortgage climbed to 6.73%, which can add hundreds <br />of dollars a month in costs for homebuyers.<br />In the fall, rates reached a twenty-year <br />high of 7.08% following a string of <br />interest rate hikes by the Federal Reserve. .<br />In the fall, rates reached a twenty-year <br />high of 7.08% following a string of <br />interest rate hikes by the Federal Reserve.
