Sales of existing homes ticked down 0.2% in March to a seasonally adjusted annual rate of 4.59 million, the slowest pace since July 2012, theNational Association of Realtors reported Tuesday. Sales rates have trended down since the summer on falling affordability as inventory remained low. Unusually rough weather in recent months likely also curbed demand, NAR said. Economists polled by MarketWatch had expected a March sales rate of 4.55 million, compared with a February rate of 4.6 million. Recent drops in the sales pace of existing homes have been relatively small, signaling that the market may be stabilizing and sales could bounce higher in coming months, said Lawrence Yun, NAR's chief economist. The median sales price of used homes hit $198,500 in March, up 7.9% from the year-earlier period, supported by low inventory. March's inventory was 1.99 million existing homes for sale, a 5.2-month supply at the current sales pace.
Source: Marketwatch
Source: Marketwatch
