DOWNER DWELLINGS

March existing home sales slipped 4.3% M-o-M to a seasonally adjusted rate of 4.19 million, the biggest M-o-M decline since 11/22. The February rise in mortgage rates undoubtedly hurt. Y-o-Y sales eased 3.7% to 4.35 million. March is now the 31st consecutive month with sales down Y-o-Y. It’s also possible that uncertainty regarding Realtor commissions has caused some transactions to be delayed. An inauspicious start to the spring selling season.