Homes in Centreville, Maryland, US, on Tuesday, April 4, 2023.
Nathan Howard | Bloomberg | Getty Images
Sales of previously owned homes declined 2.4% in March compared with February, according to a monthly report from the National Association of Realtors.
At a seasonally adjusted, annualized rate, that amounts to 4.4 million units. Sales were 22% lower than March of last year.
The weakness is likely due to a sharp jump in mortgage interest rates. With home prices still historically high, today’s buyers are increasingly sensitive to even daily moves in mortgage rates. The March sales were likely based on contracts signed in January and February, when rates were volatile.
The average rate on…