Sluggish start for spring homebuying season as home sales fall in March with mortgage rates rising

A housing development in Cranberry Township, Pa., is shown on Friday, March 29, 2024. On Thursday, April 18, 2024, the National Association of Realtors reports on existing home sales for March. –

While the supply of homes on the market remains below the historical average, the typical increase in homes for sale that happens ahead of the spring homebuying season gave home shoppers a wider selection of properties to choose from. “Though rebounding from cyclical lows, home sales are stuck because interest rates have not made any major moves,” said Lawrence Yun, the NAR’s chief economist. “There are nearly 6 million more jobs now compared to pre-COVID highs, which suggests more aspiring home buyers exist in the market.”

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