Home Sales Start Spring on a Down Note

April 22, 2019

After a large gain in February, sales of existing U.S. homes declined in March. Home sales fell 4.9 percent, to a seasonally adjusted rate of 5.21 million, down from 5.48 million in February. The most pronounced slowdown was on the high end, with the most expensive properties failing to move.

Home sales slumped in the second half of last year after mortgage rates climbed. Despite the slow start, realtors are expecting strong sales for the rest of spring and into the summer. The labor market remains strong, and mortgage rates have fallen in recent months, meaning that more Americans may be looking to buy.

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