Existing home sales in the US fell short of expectations

The National Association of Realtors (NAR) announced existing home sales data for March.

Thus, second-hand home sales in the country fell by 2.4 percent monthly in March, seasonally adjusted, to 4.44 million. Existing home sales were predicted to take place at the 4.5 million level.

INCREASED 13.8 PERCENT

Existing home sales rose 13.8 percent to 4.55 million in February.

Sales of second-hand homes in the country decreased 22 percent in March compared to the same month of the previous year.

The median home price on the existing US market fell 0.9 percent annually in March to $375,700.

NAR chief economist Lawrence Yun, whose views were included in the statement, said home sales are trying to recover but are sensitive to mortgage rates.

Noting that more housing supply is needed to meet demand, Yun shared information that prices continue to rise in regions where employment is increasing and housing is relatively affordable. (AA)