Housing Trends

Mortgage rates are rising, home sales are falling

Buyers are still behind the 8-ball

Sales of existing homes fell 4.7% in March, according to the National Association of Realtors (NAR) and were down nearly 4% from March 2023.

At the same time, mortgage rates are still rising. Freddie Mac reports the average 30-year fixed-rate mortgage rose from 6.88% to 7.10% over the last week. So, while there may be more homes for buyers to consider, the cost of financing them is going up.

Even with fewer sales, the median price of a home also continues to rise. NAR rep...