Existing US home sales are falling to their lowest level in seven months

The National Association of Realtors said today that U.S. existing home sales fell 3.7% to a seasonally adjusted annual rate of 6.01 million units in March, the lowest level since August 2020. Analysts had expected US existing home sales to rise to 6.19 million units in March.

On an annual basis, US existing home sales, which account for the bulk of US home sales, rose by 12.3% in the 12 months to March. The current median home price rose 17.2% year-on-year to an all-time high of $ 329,100 in March, and there were 1.07 million pre-owned homes on the market in March, up 3.9% compared to February.