U.S. existing home sales see surprise drop in March, gold price trades at new daily highs - Kitco NEWS

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(Kitco News) Gold rose to fresh daily highs as U.S. existing home sales surprised with a drop in March, down 2.4%. Market consensus calls expected an increase of 5%.

Existing home sales declined to a seasonally adjusted and annualized rate of 4.44 million units last month, compared to February’s annualized rate of 4.55 million homes, the National Association of Realtors (NAR) said on Thursday. Market consensus projections called for existing home sales to decline to 4.50 million.

On an annual basis, March’s existing sales were down 22%.

The housing market is reacting to changes in mortgage rates, said NAR's chief economist Lawrence Yun.

"Home sales are trying to recover and are highly sensitive to changes in mortgage rates," said NAR Chief Economist Lawrence Yun. "Yet, at the same time, multiple offers on starter homes are quite common, implying more supply is needed to fully satisfy demand. It's a unique housing market."

The median price for all home types was $375,700 last month, falling 0.9% from a year ago. The total inventory was at 980,000 units, up 5.4% from last year's total.

Gold prices edged up to daily highs after the release. June Comex gold futures last traded at $2,023.20, up 0.79% on the day.

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2023-04-20 14:11:00Z
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