Second-hand home sales continue to decline in the USA

Second-hand home sales in the US continued their decline, falling by 2.7 percent month-on-month to 5.77 million in March.

National Association of Realtors (NAR) announced second-hand home sales data for March.

Accordingly, second-hand house sales in the country, seasonally adjusted, decreased by 2.7 percent on a monthly basis to 5.77 million in March.

Second-hand house sales, which decreased more than expected in this period and carried the decline to the second month, were expected to realize at the level of 5.8 million.

Second-hand house sales, which fell to the lowest level since June 2020, decreased by 8.6 percent to 5.93 million in February.

Second-hand house sales in the country decreased by 4.5 percent in March compared to the same month of the previous year.

Double-digit rise in housing prices continues
The median house prices in the second-hand market in the USA increased by 15 percent on an annual basis in March, reaching a record level of 375 thousand 300 dollars.

NAR Chief Economist Lawrence Yun, whose views were included in the statement, stated that the housing market is starting to feel the effect of "sharply" rising mortgage rates and high inflation on purchasing power.

Pointing out that the houses are still being sold quickly, Yun said that the increases in house prices continue to be in double digits.