Home sales slump at start of crucial spring buying season as high mortgage rates and rising prices deter buyers
1. Existing home sales fell 5.9% in March, biggest drop since November 2022. 2. Sales are down 2.4% year-over-year, missing economist expectations. 3. Average mortgage rates climb to 6.83%, affecting buyer interest significantly. 4. House prices rose 2.7% annually, marking the smallest increase since August. 5. Increased unsold homes indicate a potential supply issue, not boosting sales.