Existing Home Sales Hit by Higher Rates and Low Inventory

Existing Home Sales Hit by Higher Rates and Low Inventory

The National Association of Realtors (NAR) measures the sales of previously owned homes.  These so-called Existing Home Sales account for a vast majority of all home sales in the US.   Existing sales bottomed out in January at an annual pace of 4.00 million units.  The numbers for March came out today at 4.44 million.  While that's a nice improvement, it was lower than last month's reading of 4.55 million and just shy of forecasts calling for 4.50 million. In short, much like the world of interest rates , home sales are not quite as bad as they were a few months ago, but have generally been muddling along waiting for something to change.  As for things that might change, interest rates are being watched very closely. In fact, it's hard to overlook the fact that home sales arrest