Existing-home prices rose at an annual pace of 17.2% in March, to reach a fresh record high of $329,100, according to the National Association of Realtors press release. All regions posted double-digit price gains.
Existing single-family home sales price rose 18.4% to a historic high of $334,500
Existing home sales plunged 3.7% from the previous month on low inventories to an annual rate of 6.01 million, with sales declining in all major regions.
Sales are higher by 12.3% from the time home sales started to fall due to the pandemic.
Housing inventory slightly increased to 1.07 million units at the end of March, but was down 28.2% year over year.
“Consumers are facing much higher home prices, rising mortgage rates, and falling affordability,” siad NAR chief economist Lawrence Yun.
SPDR S&P Homebuilders ETF is currently declining. XHB is down 0.081%.
