by Cho Seulkina
Published 21 Apr.2022 04:44(KST)
[Asia Economy New York=Special Correspondent Joselgina] U.S. home prices have once again broken all-time records.
According to the National Association of Realtors (NAR) on the 20th (local time), the median price of existing homes sold in March was $375,300 (approximately 463.5 million KRW), a 15% increase compared to the same month last year.
This is the highest level since related statistics began being compiled in 1999. U.S. home prices have continued their record-high streak as mortgage rates dropped to their lowest levels following the spread of COVID-19 and suburban demand exploded.
The economic media CNBC analyzed that although the 30-year fixed mortgage rate surged to 5.35% due to recent interest rate hikes by the Federal Reserve (Fed), the contract dates for homes sold in March are estimated to be from January to February when mortgage rates were in the low 3% range.
The number of existing home sales in March was 5.77 million (annualized), down 2.7% from the previous month and 4.5% from the same month last year.
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