U.S. home sales dipped last month to their slowest pace in nine months, indicating a sluggish start to what is typically the busiest season for the housing market.
A report from the National Association of Realtors (NAR) revealed that existing home sales fell 3.6% in March from February to an annual pace of 3.98 million units. On a year-over-year basis, home sales dipped 1%, weighed down by declines in the Northeast and Midwest. The latest sales figure fell short of the roughly 4.06 million pace economists were expecting, according to FactSet.
Mortgage Rates Dip
The decline in sales came despite the dip in mortgage rates, as economic uncertainty and affordability challenges continue to weigh on home sales. According to an AP report, the average US long-term mortgage rate eases after rising five weeks in a …
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