Excerpt: “Existing-home sales descended in March, according to the National Association of REALTORS®. Sales slid in all four major U.S. regions. Year-over-year, sales dropped in the Midwest and South, increased in the West and were unchanged in the Northeast. Total existing-home sales – completed transactions that include single-family homes, townhomes, condominiums and co-ops – fell 5.9% from February to a seasonally adjusted annual rate of 4.02 million in March. Year-over-year, sales drew back 2.4% (down from 4.12 million in March 2024). ‘Home buying and selling remained sluggish in March due to the affordability challenges associated with high mortgage rates,’ said NAR Chief Economist Lawrence Yun. ‘Residential housing mobility, currently at historical lows, signals the troublesome possibility of less economic mobility for society.'” (footnote omitted)
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