Home Sales Fall 4.9% in Slow Start to Spring Buying Season

WASHINGTON (AP) — Sales of existing U.S. homes fell in March after a huge gain the previous month, held back partly by a sharp slowdown among the most expensive properties.

The National Association of Realtors says home sales fell 4.9% to a seasonally adjusted annual rate of 5.21 million, down from 5.48 million in February. The drop followed an 11.2 percent gain the previous month, the largest in more than three years.

Home sales are struggling to rebound after slumping in the second half of last year, when a jump in mortgage rates to nearly 5% discouraged many would-be buyers.

- Sponsors -

Realtors expect sales to rebound in coming months. Borrowing costs have since fallen back to an average of 4.2% on a 30-year fixed mortgage. The job market also remains solid.

 

By AP reporter Christopher Rugaber

- Partner Content -

Entergy’s Energy Smart Program Brings Cost Conscious Innovation to New Orleans

Offering comprehensive energy efficiency at no cost to the consumer, Entergy’s Energy Smart program incentivizes Entergy New Orleans customers to perform energy-saving upgrades in...

 

Digital Sponsors / Become a Sponsor

Follow the issues, companies and people that matter most to business in New Orleans.

Email Newsletter

Sign up for our email newsletter