Contract signings on U.S. homes fell for the first time since last November, as buyers faced a tough market in March due to an undersupply of houses.
U.S. pending-home sales fell 5.2% in March, according to the monthly index released Thursday by the National Association of Realtors .U.S. pending-home sales fell 5.2% in March, according to the monthly index released Thursday by the National Association of Realtors .
Sales fell far further than what Wall Street expected in March. Economists polled by the Wall Street Journal were expecting pending home sales to rise 0.5%. The NAR said a third of all home listings were seeing multiple bids, and 28% were selling above list price. Realtors also expect the 30-year mortgage rate to drop to 6% this year, and 5.6% in 2024.
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