U.S. existing home sales fall; house prices hit record high
WASHINGTON - U.S. home sales fell more than expected in March as house prices hit a record high despite some improvement in supply, and could decline further amid surging mortgage rates. Existing home sales dropped 2.7% to a seasonally adjusted annual rate of 5.77 million units last month, the National Association of Realtors said on Wednesday. The data mostly reflected the closing of
March Home Sales Fall As Mortgage Rates, Home Prices Climb
MIAMI (CBSMiami/AP) — Mortgage rates are now at the highest level they have been since 2010.According to the Mortgage Bankers Association, home loan demand fell 5% last week compared to the week prior. Demand for refinancing slid another 8% for the week and is 68% lower from the same time a year ago.Sales of previously occupied U.S. homes also slowed in March to the slowest pace in nearly two years, down 4.5%, amid the swift rise in mortgage rat…
March home sales fall as mortgage rates, home prices climb
Sales of previously occupied U.S. homes slowed in March to the slowest pace in nearly two years as a swift rise in mortgage rates and record-high prices discouraged would-be homebuyers.