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U.S. house price growth slows in March due to rising mortgage rates
Posted on June 3, 2024 |
U.S. home prices increased by 0.1% in March, following a 1.2% rise in February.
Compared to last year, home prices grew by 6.7% in March, down from a 7.1% rise in February.
Sales of existing homes dropped in March as the average rate for a 30-year fixed-rate mortgage neared 7%.
The limited housing inventory is expected to keep prices elevated despite fewer sales.
Home prices rose by 6.6% between the first quarter of this year and the same period in 2023.
Compared to the fourth quarter of last year, home prices saw a 1.1% increase.