Home sales fell sharply in March and weekly mortgage applications plunged as high interest rates and economic uncertainty stifled demand as the spring home-buying season got underway.
The Details: Sales of previously owned homes in March fell 5.9% from February to 4.02 million units on a seasonally adjusted annualized basis, according to data from the National Association of Realtors.
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“Home buying and selling remained sluggish in March due to the affordability challenges associated with high mortgage rates,” said Lawrence Yun, NAR’s chief economist.
“Residential housing mobility, currently at historical lows, signals the troublesome possibility …