pexels
The rise in the index in March was the highest since December 2023.
Analysts, whose collective projection was referenced by Trading Economics, had, on average, anticipated a 1% rise.
In comparison to March of the previous year, the index value decreased by 0.6%.
The increase in sales last month aligned with a short-term decrease in financing expenses: 30-year mortgage rates dropped to 6.67% in early March, according to data from the Mortgage Bankers Association (MBA). Rates have now reverted to 6.89%, yet even small changes in mortgage rates can encourage buyers, according to Lawrence Yun, the chief economist.
“Home purchasers are quite responsive to even slight changes in mortgage rates,” Yun stated.
Although signing contracts doesn't ensure a final closing, the substantial rise in the index suggests a noteworthy increase in the quantity of prospective buyers in the real estate market, he noted.
source: tradingeconomics.com
Analysts, whose collective projection was referenced by Trading Economics, had, on average, anticipated a 1% rise.
In comparison to March of the previous year, the index value decreased by 0.6%.
The increase in sales last month aligned with a short-term decrease in financing expenses: 30-year mortgage rates dropped to 6.67% in early March, according to data from the Mortgage Bankers Association (MBA). Rates have now reverted to 6.89%, yet even small changes in mortgage rates can encourage buyers, according to Lawrence Yun, the chief economist.
“Home purchasers are quite responsive to even slight changes in mortgage rates,” Yun stated.
Although signing contracts doesn't ensure a final closing, the substantial rise in the index suggests a noteworthy increase in the quantity of prospective buyers in the real estate market, he noted.
source: tradingeconomics.com