March home sales fall as mortgage rates, home prices climb

By ALEX VEIGA
AP Business Writer

Sales of previously occupied U.S. homes slowed in March to the slowest pace in nearly two years as a swift rise in mortgage rates and record-high prices discouraged would-be homebuyers. The National Association of Realtors said Wednesday that existing home sales fell 2.7% last month from February to a seasonally adjusted annual rate of 5.77 million. That’s in line with what economists had been expecting, according to FactSet. It’s also the slowest pace since June 2020. Sales fell 4.5% from March 2021. The slowdown came as the average rate on a 30-year fixed-rate home loan climbed to about 4.7% by the end of March. Buyers still pushed up the median home price in March 15% from a year ago to a record $375,300.