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Will rising mortgage rates cool off a hot housing market?

April 21, 2022

Via: NBC News

Buying a first home just keeps getting harder. The median price for an existing single family home hit a record $375,300 in March — a 15 percent jump over March 2021 — as mortgage interest rates climbed and inventory remained tight, according to data released Wednesday from the National Association of Realtors.

Existing home sales fell by 2.7 percent in March compared to the previous month, bringing the adjusted annualized rate to 5.77 million units, and sales were down 4.5 percent compared to March 2021. The news comes just one day after the Commerce Department reported that single-family housing starts fell by 1.7 percent in March, compared to February.

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