US home sales fell more than anticipated in March as house prices rose to a record-high despite some improvement in supply and could decline further amid rising mortgage rates.
- Existing home sales declined 2.7% to a seasonally adjusted annual rate of 5.77 million units last month. The figures reflected the closing of contracts signed two to three months ago when the 30-year fixed-rate mortgage was below 4%.
- Sales are now reverting back to their pre-Covid-19 LEVEL. Sales decreased in the Northeast, South, and Midwest. They remained unchanged in the South.
- Home resales account for the larger part of US home sales. The figures fell by 4.5% on a year-on-year basis in March.
The 30-year fixed-rate mortgage averaged 5.0% over the week ended April 14, the highest level since February 2021 and up from 4.72% in the prior week.
DXY down -0.62%, EUR USD up +0.53%
Source: National Association of Realtors
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