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US Existing-Home Sales Drops for Second Consecutive Month

April 20, 2022 by Forex Winner Leave a Comment

Home Sales

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.

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