US existing home sales fell by 3.6% in March to an annualised rate of 3.98m, according to the National Association of Realtors, falling short of expectations of a smaller drop to 4.06m.
Source: Sharecast
Unsold inventory increased 3% to 1.36m homes, equivalent to 4.1 months of supply at the current sales pace, while the median price of an existing home ticked up 1.4% year‑on‑year to $408,800.
Year-on-year, sales rose in the South and West and declined in both the Northeast and Midwest.
NAR chief economist Lawrence Yun said: "March home sales remained sluggish and below last year's pace. Lower consumer confidence and softer job growth continue to hold back buyers.
"Because inventory remains limited, the median home price rose to a new record high for the month of March. That price growth has helped the typical homeowner accumulate $128,100 in housing wealth over the past six years."
Reporting by Iain Gilbert at Sharecast.com
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