MIAMI– The sale of existing homes in the United States fell 4.3% in March compared to February in a market that has visibly stagnated since the second quarter of 2022, according to figures published on Thursday by the National Federation of Realtors (NAR).
In March, 4.19 million homes changed hands in the annual projection (the 12-month figure if the conditions at the time of measurement were maintained).
Analysts were expecting an even lower figure of 4.17 million sales, according to a consensus compiled by Market Watch.
The drop is 3.7% compared to March 2023, detailed the NAR.
With the exception of a few months of slight rebounds between 2022 and 2024, home sales in general are suffering an unprecedented decline amid an economic situation of uncertainty due to the failed policies of Joe Biden’s government.
The number of homes available on the market rose 4.7% compared to February and 14.4% compared to March of last year, to 1.1 million.
The median price (the point that leaves 50% of the properties ahead and behind) reached $393,500 in March, 4.8% above the figure for March 2023.
“Although they rise after cyclical downturns, home sales are stagnant because interest rates are not moving,” summarized Lawrence Yun, chief economist at NAR.
The rate for a 30-year fixed-rate loan, the most common, reached 6.88% on average in mid-April, according to data from the mortgage refinancing agency Freddie Mac.
Expectations that this figure will fall are receding, since the US Federal Reserve warns that it is not ready to begin lowering its reference rates, due to a rise in inflation in the first months of the year.
Owners eager to sell their households in USA have lowered their prices to attract buyers when spring arrives, the preferred season for those interested in buying homes.
About 14.6% of homes offered last month had their prices lowered, according to Realtor.com, up from 13.2% last year, the first annual increase since May. In January, 14.7% of homes were offered on the market at a discounted price.
The share of homes offered at a reduced price is slightly higher than the monthly average, with data going back to January 2017. However, it is still extremely expensive to buy a regular three-bedroom, two-bathroom home, even 2/2 apartments .
While the prices do not really go down to the level of 2017 and 2018sales must continue to stagnate, as has been the case for more than two years.
Between 2022 and 2023 the market suffered a collapse in home sales consecutively for almost a year and a half, a visible crisis that the Biden administration has dismissed during its mandate, characterized by the greatest popular rejection of the economic management of a President of the United States.
(email protected)
Source: With information from AF, AP and other sources.
