Previously Owned U.S. Home Sales Unexpectedly Fell in March
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Sales of previously owned U.S. homes unexpectedly dropped in March, showing uneven progress in the industry.
Purchases (ETSLTOTL) of previously owned houses, tabulated when a contract closes, fell 0.6 percent to a 4.92 million annual rate last month, figures from the National Association of Realtors showed today in Washington. The median forecast of 75 economists surveyed by Bloomberg projected sales would increase to a 5 million rate. Prices climbed, reflecting more demand for higher- priced houses.
Historically low mortgage rates, rising property values and employment gains have helped mend the U.S. housing market, a source of strength for the world’s largest economy. At the same time, a drop in the inventory of cheaper properties for sale compared with last year may be restraining the pace of progress in the industry.
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