Existing-home sales declined 4.9 percent in March following a large increase in February, and are down 5.4 percent year-over-year, according to NAR. “It is not surprising to see a retreat after a powerful surge in sales in the prior month. Still, current sales activity is underperforming in relation to the strength in the job market,” says NAR Chief Economist Lawrence Yun. “The impact of lower mortgage rates has not yet been fully realized.”
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