Published: 2024-04-18T14:10:39.000Z
U.S. March Existing Home Sales - Corrects strong February rise, further slippage likely
Senior Economist , North America
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March existing home sales with a 4.3% decline corrected a sharp 9.5% February increase. 2023 also saw a sharp February increase that was gradually reversed and more during the rest of the year. As rate cut hopes fade, existing home sales look set to slip further.
Detail shows gains in the northeast after three flat months while the other three regions slipped after February gains, with the larger the March decline corresponding to how large the February increase was.
The average price rose by 2.5% on the month but the rise is largely seasonal. Yr/yr data slipped to 4.8% from 5.6%.
