"March Home Sales Plummet Amid Rising Mortgage Rates and High Prices"

Existing home sales fell by 4.3% in March, the largest drop in over a year, as higher mortgage rates deterred potential buyers and led homeowners to avoid selling. Total housing inventory increased, with the median price of existing homes rising to $393,500. The NAR chief economist noted that rebounding home sales are hindered by stagnant interest rates, while recent inflation reports have led to expectations of minimal rate cuts by the Federal Reserve. The housing market is experiencing decreased demand and supply due to the impact of rising mortgage rates, with new home sales showing a 6% increase in February.