Source: National Association of Realtors
Existing-home sales in the United States slipped for the second straight month in March due to higher mortgage rates and the inflationary uptick during the period. XHB is up 0.66%, while ITB is up 0.60%.
- Seasonally adjusted sales for the month stood at 5.77 million in March, down 2.7% from February and 4.5% from 6.04 million in the previous year.
- Inventory was recorded at 950,000 units, reflecting an 11.8% climb from the previous month and 9.5% higher than the previous year.
- Unsold inventory was equivalent to a 2.0-month supply at the present pace, higher than the 1.7 months in February but lower than the 2.1 months the previous year.
- The median home price was $375,300, marking a 15.0% growth from March 2021 to mark the 121st straight month of growth.
- NAR Chief Economist Lawrence Yun said the market is hit by the sharp increase in mortgage rates, along with the impact of inflation on purchasing power.
- Yun noted, however, that sellers should look for multiple offers to fade, with demand expected to continue its decline.