Existing home sales in US fell more than expected in March

​​​​​​​​​​​​​​ISTANBUL

Existing home sales in the US declined 5.9% month-on-month in March, above estimates, according to a report Thursday by the National Association of Realtors (NAR).

Existing home sales, which measure the change in the number of existing residential buildings sold, fell to a seasonally adjusted annual rate of 4.02 million in March.

The figure was lower than estimates of 4.14 million, while the February figure was slightly revised up to 4.27 million.

"Home buying and selling remained sluggish in March due to the affordability challenges associated with high mortgage rates," said NAR Chief Economist Lawrence Yun. "Residential housing mobility, currently at historic lows, signals the troublesome possibility of less economic mobility for society.”

Existing home sales also fell 2.4% annually.

On the other hand, the median existing home sales price rose 2.7% annually to $403,700, an all-time high for March and the 21st consecutive month of year-over-year price increases.

"In a stark contrast to the stock and bond markets, household wealth in residential real estate continues to reach new heights," Yun noted