US existing home sales drop by more than forecast in March

(Sharecast News) - Second hand home sales fell by more than anticipated last month. "Home buying and selling remained sluggish in March due to the affordability challenges associated with high mortgage rates," said NAR chief economist Lawrence Yun.

"Residential housing mobility, currently at historical lows, signals the troublesome possibility of less economic mobility for society."

According to the National Association of Realtors, in seasonally adjusted terms, existing home sales dropped by 5.9% month-on-month to hit an annual rate of 4.02m.

Economists' forecast had been for 4.13m.

The median price of an existing home meanwhile increased by 2.7% year-on-year to reach $403,700.

In parallel, the number of unsold homes surged by 8.1% over the month to reach 1.33m.

That was the equivalent of 4.0 months' worth of supplies.