(New York, NY) — Rising home prices coupled with mortgage rates stuck at elevated levels mean Americans are still dealing with a tough housing market. According to the National Association of Realtors, existing home sales fell four-point-three percent in March, the sharpest drop in more than a year. The median price of an existing home was over 390 thousand dollars last month, an increase of four-point-eight percent from a year earlier. That was the highest March price on record. Home sales are up from last fall and were off to a strong start this year, but that momentum seems to have stalled. Disappointing inflation reports and signs that the economy remains strong have the Federal Reserve signaling that it won’t cut interest rates anytime soon.
Meanwhile, Wall Street wrapped up a tough week on Friday. The Nasdaq and S&P 500 fell for the sixth straight session, marking their longest losing streaks since 2022. A rally in American Express shares helped boost the Dow as inflation worries and the Middle East conflict weighed on overall market sentiment. At the closing bell, the Dow Jones Industrial Average gained 211 points to 37-986. The S&P 500 lost 43 points to 49-67. The Nasdaq fell 319 points to 15-282.
