WASHINGTON: U.S. home sales fell more than expected in March as rising demand stoked by declining mortgage rates and slowing house price inflation continued to be frustrated by a lack of properties, especially in the lower-priced segment of the market.
Economists polled by Reuters had forecast existing home sales would fall 3.8 percent to a rate of 5.30 million units last month. Existing home sales, which make up about 90 percent of U.S. home sales, declined 5.4 percent from a year ago. That was the 13th straight year-on-year decrease in home sales.
A survey last week showed that while builders reported strong demand for new homes in April, they also complained about"affordability concerns stemming from a chronic shortage of construction workers and buildable lots." A six-to-seven-month supply is viewed as a healthy balance between supply and demand. The median existing house price increased 3.8 percent from a year ago to US$259,400 in March.
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