U.S. Housing Market Cools as Sales Drop 3.6% Amid Rising Mortgage Rates and Inventory Shortages
The U.S. housing market experienced a slowdown in March, with existing home sales declining 3.6% due to rising mortgage rates and a shortage of affordable inventory. The National Association of Realtors reported a seasonally adjusted annual sales rate of 3.98 million units, a 1% decrease from the previous year. Experts attribute the decline to sluggish consumer confidence and a tightening mortgage environment.
Topics: economic trends home sales housing market mortgage rates real estate