By Ovunc Kutlu
ISTANBUL (AA) - US existing home sales declined 2.4% in March, according to data released by the National Association of Realtors (NAR) on Thursday.
Existing home sales, which measures the change in the number of existing residential buildings sold, fell to a seasonally adjusted annual rate of 4.44 million in March.
While the market expectation for the figure was to come in at 4.5 million, it stood at 4.55 million in February.
Compared to a year ago, sales were down 22%.
"Home sales are trying to recover and are highly sensitive to changes in mortgage rates," NAR chief economist Lawrence Yun said in a statement. "Yet, at the same time, multiple offers on starter homes are quite common, implying more supply is needed to fully satisfy demand. It's a unique housing market."
The median existing-home sales price was $375,700, a decline of 0.9% from March 2022 when it stood at $379,300.