Signed contracts to purchase homes fell 1.2% in March to the lowest level in almost two years, according to the National Association of Realtors.
Surging mortgage rates and record-high prices for new houses are straining affordability, according to the National Association of Home Builders.
A shortage of listings is keeping U.S. home-price gains at near-record levels even as mortgage rates surge, according to a report on Tuesday.
The world’s largest economy probably will expand 3.1% in 2022, the second-fastest pace in 17 years, Goldman Sachs economists said in a forecast.
The U.S. housing market is showing signs of a return to pre-pandemic days, a First American economist said in a report.
The average U.S. rate for a 30-year fixed mortgage rose to the highest since April 2010, Freddie Mac said in a report on Thursday.
Sales of previously owned homes declined as a shortage of listing inventory and the highest mortgage rates in more than a decade made it tougher to purchase a property.
Groundbreakings in March reached the highest level since June 2006 led by a surge in the construction of multifamily units, according to a government report.
Homebuilder sentiment dropped to the lowest level since September as higher mortgage rates eroded affordability for buyers, according to a report.
“A reprieve in gas prices was immediately recognized by consumers,” Wells Fargo economists said.
