U.S. HOME PRICES REACHED RECORD HIGH IN MARCH

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Key Points

  • U.S. home prices reached a record $375,300 in March as mortgage-interest rates rose and the shortage of homes for sale continued.
  • Existing-home sales fell 2.7% in March from February to a seasonally adjusted annual rate of 5.77 million, the National Association of Realtors said Wednesday.
  • Existing-home sales fell 4.5% in March from a year earlier.
  • The median existing-home price rose 15% in March from a year earlier.
  • The median existing-home price of $375,300 is a record high dating back to 1999.
  • Mortgage interest rates have increased more than 1.9% since the start of the year and currently stand at 5%, the highest level in more than a decade.
  • The Right Facts will continue to monitor the housing market.
Source