Sales of previously owned homes declined 2.4% in March compared with February, according to a monthly report from the National Association of Realtors.
Existing home sales in February jumped 14.5% to an annualized rate of 4.58 million, the largest monthly percentage increase since July 2020 and ending a 12-month slide, data from the National Association of Realtors out Tuesday showed.
The average rate on the popular 30-year fixed mortgage dropped to 6.57% on Monday, according to Mortgage News Daily. That’s down from a rate of 6.76% on Friday and a recent high of 7.05% last Wednesday.
The average rate on the 30-year fixed mortgage jumped back over 7% on Thursday, rising to 7.1%, according to Mortgage News Daily.
Builder sentiment in the market for single-family homes fell into negative territory in August, as builders and buyers struggle with higher costs.
Consumer confidence in the housing market dropped to the lowest level since 2011, as both prospective buyers and sellers have become more pessimistic, according to a monthly survey released Monday by Fannie Mae.