U.S. home sales fell more than expected in March as rising demand stoked by decl...
WASHINGTON - U.S. home sales fell more than expected in March as rising demand stoked by declining mortgage rates and slowing house price inflation continued to be frustrated by a lack of properties, especially in the lower-priced segment of the market.
“Given mortgage rates have dropped and home prices aren’t appreciating as quickly, there is more opportunity for home shoppers, who are gearing up for the spring season,” said Robert Frick, corporate economist at Navy Federal Credit Union in Vienna, Virginia. “The major problem for home buyers is the low supply of homes, especially at the lower end of the market.”
Economists expect housing probably remained a drag on gross domestic product in the first quarter. Residential investment contracted in 2018, logging its weakest performance since 2010. A survey last week showed that while builders reported strong demand for new homes in April, they also complained about “affordability concerns stemming from a chronic shortage of construction workers and buildable lots.”
A six-to-seven-month supply is viewed as a healthy balance between supply and demand. The median existing house price increased 3.8 percent from a year ago to $259,400 in March. FILE PHOTO: Workers construct a new home in Leyden Rock in Arvada, Colorado, U.S. August 30, 2016. REUTERS/Rick Wilking/File Photo
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