"March Home Sales Plummet Amid Rising Mortgage Rates and Surging Listings"

Existing home sales in March saw a modest increase but remained down year-over-year, with the market shrinking by about 20% due to homeowners with low mortgage rates refraining from buying or selling. Active listings surged to the highest level since before the pandemic, while new listings also rose, contributing to the growth in active listings. Price reductions of existing homes hit the highest level for any March since 2017, indicating sellers are adjusting to market realities. Mortgage rates have returned to historically normal levels, and the national median sold price in March saw a smaller-than-usual increase.