HomeReal EstateDomestic U.S. Home Sales Decline in March

Domestic U.S. Home Sales Decline in March

Data from the National Association of Realtors on Thursday showed that U.S. home sales declined in March, with prices falling as well. This marks a particularly tepid start to the spring homebuying season, with buyers already facing a surge in mortgage rates and a near-record low number of properties on the market.

Existing home sales fell to 4.44 million, a decline of 2.4% compared to February and a 22% fall from March last year. According to FactSet, economists were expecting 4.5 million home sales for the month.

The number of homes readily available for purchase on the market rose by 1% from February to 980,000 properties. This marks a 5.4% increase from March of 2022. The national median home price for March 2023 was $375,000; a decline of 0.9% from March 2022.

Although the median home price was on the decline, mortgage rates continued to rise in March. By the second week of March, the 30-year mortgage hit 6.73%

U.S. Futures Mixed as Investors Observe Labor Data

Futures on the New York Stock Exchange were mixed on Thursday as investors analyzed labor data to gauge the potential path forward for interest...

JetBlue Stock Jumps Following Adjusted Forecast

JetBlue Airways shares jumped by 7% in premarket trading on Thursday after the U.S. airline narrowed its annual adjusted loss forecast. With a previous...

Toyota to Sell Entire Stake in Harmonic Drive Systems

Harmonic Drive Systems, a Japanese maker of speed reducers, confirmed that Toyota Motors is set to sell its entire share in the company. Following...