The National Association of Realtors (NAR) reported a 4.3 percent drop in existing home sales in March, driven by elevated mortgage rates. The average 30-year fixed-rate mortgage averaged 6.88 percent as of April 11, up from the previous week. The NAR also noted that the total housing inventory registered at end-March was up from February's level, and the median price across housing types rose 4.8% from the prior year to $393,500, the highest price ever for the month of March.
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