U.S. home sales fell more than expected in March, pointing to continued weakness...
WASHINGTON - U.S. home sales fell more than expected in March, pointing to continued weakness in the housing market despite declining mortgage rates and slowing house price gains.
Existing home sales dropped 4.9 percent to a seasonally adjusted annual rate of 5.21 million units last month. February’s sales pace was revised down to 5.48 million units from the previously reported 5.51 million units. 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.”The dollar slipped against a basket of currencies after the release of the existing home sales data. Stocks on Wall Street were trading lower and U.S. Treasury prices fell.
The Commerce Department reported last Friday that housing starts dropped to a rate of 1.139 million units in March, the lowest level since May 2017.
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