New numbers from the National Association of Realtors show sales of previously owned homes fell across all regions in March, dropping 3.6 percent from the month before. The slowdown coincided with a bump in mortgage rates but also the beginning of the spring sales season. Dr. Lawrence Yun, NAR’s chief economist, says the number of homes for sale is also a factor. “The inventory-to-sales ratio, or supply-to-demand ratio, is below historical norms,” Yun said. “An additional 300,000 to 500,000 homes for sale would help bring the market closer to normal conditions and allow consumers to make purchase decisions without feeling rushed.” As it stands, March sales were better than last year in the South and West, but down in the Northeast and Midwest, where inventory is lowest. (source)
