Home sales fall in March, mortgage rates remain low

Americans bought fewer previously owned homes in March, a sober reminder that the housing market remains weak despite mortgage rates that continue to hover near record lows.

The National Association of Realtors said Thursday that home sales fell 2.6% last month to a seasonally adjusted annual rate of 4.48 million. That followed a revised 4.6 million sold in February.

Meantime, the average rate on the 30-year fixed mortgage stayed near its lowest level on record, keeping home-buying and refinancing affordable.

A mild winter may have encouraged more people to buy earlier, essentially stealing sales from March.

Sales fell across most of the country. They were unchanged on a seasonal basis in the Midwest but fell by 1.1% in the South, 1.7% in the Northeast and 7.4% in the West.

Read Full Article from USA TODAY

- Posted: 2012-04-19 10:52:18

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