Lack of inventory, high mortgage rates holding down sales of existing homes, NAR says.
Tagged: National Association of Realtors (NAR)
Second-straight monthly decline came despite a 7.2% increase in inventory.
File amicus brief in support of regulator in case to be heard later this year.
Stakeholders hopeful that agency will proactively seek greater input before proposing future changes.
NAR Chief Economist says he expects Fed to stop boosting rates.
NAR's Pending Home Sales Index fell 5.2% to 78.9 in March, the lowest level since November 2022.
Home sales are trying to recover and are highly sensitive to changes in mortgage rates, NAR economist says.
NAR's Pending Home Sales Index rose 0.8% in February.
Older buyers are dominating the market, and changing how homes get purchased.
Jump 14.5%, the largest increase since July 2020, as record streak of home-price increases ends at 131 months.