Home Prices Hit New Record High Even as Sales Volume Falls

The median price of a previously owned home sold in the U.S. jumped to a record high in March even as the number of homes sold continued to fall, data from the National Association of Realtors showed Wednesday.

Sales of existing homes fell to a seasonally-adjusted, annual rate of 5.77 million, below the forecast of 5.93 million. The February figure was revised down from 6.020 million to 5.93 million. Compared with a year ago, home sales are down 4.5 percent following a revised 3.9 percent annual decline in February.

Falling sales, however, have not dented home prices. Quite the opposite. The median price of a home rose to $375,300, the highest ever recorded by the National Association of Realtors. Compared with the prior month, the median price was up 4.5 percent. From a year ago, the median price is up 15 percent. Prices were up in all four major regions of the country.

“The housing market is starting to feel the impact of sharply rising mortgage rates and higher inflation taking a hit on purchasing power,” said Lawrence Yun, NAR’s chief economist. “Still, homes are selling rapidly, and home price gains remain in the double-digits.”

https://www.breitbart.com/economy/2022/04/20/home-prices-hit-new-record-high-even-as-sales-volume-falls/