US home sales fell to their lowest level in two years in March

The National Association of Realtors said that US existing home sales fell 2.7% to a seasonally adjusted annual rate of 5.77 million units in March, the lowest level since June 2020. On an annualized basis, US home sales fell 4.5% in March, and the 30-year mortgage average averaged 5.0% in the week ending April 14, the highest level since February 2011.

The median current home price rose 15% to $375,300 in March from the same period last year, its highest level ever, and at the pace of March sales it would take two months to exhaust existing inventory.