Sales of U.S. Previously Owned Homes Fall to Lowest Since 2020
- Rising mortgage rates, low inventory limited housing activity
- Median selling price rose to a record $375,300 in March
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Sales of previously owned U.S. homes fell in March to the lowest since June 2020 as historically low inventory paired with rising mortgage rates curbed purchases.
Contract closings decreased 2.7% in March from the prior month to an annualized 5.77 million, figures from the National Association of Realtors showed Wednesday. The figure was in line with estimates in a Bloomberg survey of economists.