Notizie economiche
18.04.2024

U.S. existing-home sales decrease more than anticipated in March

 The National Association of Realtors (NAR) announced on Thursday that the U.S. existing home sales fell 4.3 per cent m-o-m to a seasonally adjusted rate of 4.19 million in March from an unrevised 4.38 million in February. This was the first drop in three months.

Economists had forecast home re-sales declining to a 4.20 million-unit pace last month.

In y-o-y terms, existing-home sales decreased 3.7 per cent in March.

Across regions, existing-home sales dropped in the West (-8.2 per cent m-o-m), South (-5.9 per cent m-o-m), and Midwest (-1.9 per cent m-o-m), but increased in the Northeast (+4.2 per cent m-o-m). Compared to March 2023, all four regions - the South (-5.0 per cent), Northeast (-3.8 per cent), West (-3.7 per cent), and Midwest (-1.0 per cent) - demonstrated declines in sales. 

Over the reviewed period, the median existing-home price for all housing types soared 4.8 per cent y-o-y to $393,500. This represented the ninth straight month of year-over-year gains in median existing-home price.

Single-family home sales came in at a seasonally-adjusted annual rate of 3.80 million in March, down 4.3 per cent m-o-m and 2.8 per cent y-o-y. Meanwhile, existing condominium and co-op sales were registered at a seasonally-adjusted annual rate of 390,000 units in March, down 4.9 per cent m-o-m and 11.4 per cent y-o-y. 

Commenting on the latest data, Lawrence Yun, NAR chief economist, noted that though rebounding from cyclical lows, home sales are stuck because interest rates have not made any major moves. “There are nearly six million more jobs now compared to pre-COVID highs, which suggests more aspiring home buyers exist in the market,” he added.

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