Sales of existing homes drop 2% in March

Sales of existing homes decreased by 2% last month to a seasonally adjusted rate of 4.93 million units. This comes after sales increased in February for the first time in six months, according to the Washington-based National Association of Realtors. “Though mortgage rates are at historically low levels, some borrowers are facing restrictive lending practices in declining markets,” NAR chief economist Lawrence Yun said in a statement. The median existing home price for all housing types was $200,700 in March, down 7.7% from a year earlier. Home inventories rose 1% in March to 4.06 million existing homes available for sale. Regionally, existing-home sales jumped 2.2% in the Northeast and West and fell in the Midwest by 6.5% and South by 3.5%.