Existing Home Sales Dwindles in March: What's Causing It?

Existing home sales, which make up approximately 90% of the United States home sales, pulled back in March 2024, showcasing a decline from the prior month’s levels and year over year. The housing market seems to be reeling ]under increasing mortgage rates, which are making homebuyers wary of spending a penny.Key TakeawaysOn Apr 18, 2024, the National Association of Realtors (“NAR”) said that existing home sales slipped 4.3% to a seasonally adjusted annual rate of 4.19 million units last month from February. ...