The sale of existing at home has been falling most since 2022 at rates, prices

The sale of earlier ownership of the American houses has fallen since 2022 in March, because buyers were limited due to high mortgage interest and prices.

Last month, contract closures fell by 5.9% to an annual percentage of 4.02 million, the weakest march since 2009, according to the Thursday released National Association of Realtors. That was among most estimates in a Bloomberg research among economists.

The median selling price rose by 2.7% from a year ago to $ 403,700, a record for the month of March and the extension of a series of year-on-year price wines dating until mid-2023.

Home ownership remains out of reach for many Americans in the midst of one of the least affordable housing markets that are registered between rising prices and mortgage interest approaching 7%. I look ahead, the prospects are grim with rates that are not just ready increase costs of furniture and construction, but also add further stress financially tense consumers.

The price profit largely reflected more sales activities for houses that are priced above $ 1 million, said Nar Chief Economist Lawrence Yun on a call with reporters. However, he also noted that the size of the increase was relatively mild compared to wage growth.

More generally, prices rise, even if there is more inventory on the market of depressive levels. The range of earlier ownership of the houses rose by 19.8% from a year ago to 1.33 million, the most for every Mars since 2020.

The National Association of Home Builders estimates that rates will increase the costs for contractors by $ 10,900 Per house – and said that most members already see suppliers raising prices. Although that would mainly affect new construction and renovations, it could increase the demand for existing houses and therefore make them more expensive.

The sale of existing home account for the most of the American total and are calculated when a contract is concluded. Government data on Wednesday showed that the sale of the new house skipped Last month when the South recovered from bad weather earlier this year.