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22 Apr, 2021 19:47 22 Apr, 2021 19:47

US existing home sales undershoot forecasts in March

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Sales of second hand homes in the US undershot came in below forecasts in March due to a mix of higher prices, higher mortgage rates and a dearth of available supply.

According to the National Association of Realtors, existing home sales in the US declined at a month-on-month pace of 3.7% to reach an adjusted annual rate of 6.01m (consensus: 6.17m).

Versus a year ago meanwhile, sales were 12.3% higher.

"Consumers are facing much higher home prices, rising mortgage rates, and falling affordability, however, buyers are still actively in the market," said Lawrence Yun, NAR's chief economist.

"The sales for March would have been measurably higher, had there been more inventory," he added.

"Days-on-market are swift, multiple offers are prevalent, and buyer confidence is rising."

As well, Yun clarified that mortgage rates had only ticked higher and pointed to "encouraging" dynamics of more supply and demand in the sector.

Median existing home prices were up 17.2% year-on-year in March at $329,100.


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Pilling and Co Stockbrokers Ltd. is not responsible for the content or accuracy of third party news articles and we may not share the views of the author or publisher.

We provide third party news for your convenience and information only and make no representation or endorsement whatsoever and hereby exclude all liability for any loss or damage that may be incurred by you as a result of your access or use. Please note that third party content may be subject to terms and conditions imposed by the third party owner of that content.