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(member FDIC), Bank of Montreal Europe p.l.c, and Bank of Montreal (China) Co. Table 1 - United States - Existing Home SalesīMO Capital Markets is a trade name used by BMO Financial Group for the wholesale banking businesses of Bank of Montreal, BMO Harris Bank N.A. Looking ahead, the housing market is expected to cool as rates continue to rise, likely at a faster pace, while elevated prices continue to erode affordability.

Because contracts usually take some time to close, it’ll take a couple of months to see the real impact of the recent acceleration in borrowing costs to show up in the data.īottom Line: After strong momentum through much of 2020 and even 2021, sales have now slowed sharply. While the housing starts report on Tuesday showed an unexpected climb in March, builders continue to face challenges when it comes to actually completing a home, amid mounting costs, supply constraints and shortages of skilled labour.Īnd, with low supply and high prices already creating major hurdles for potential home buyers, the impact of sharply rising mortgage rates will now also take a hit on affordability, particularly for the first-timers. At the current pace, it would take 2 months to sell all the homes on the market, underscoring tight market conditions. The median sales price climbed 15.0% y/y to an all-time high of $375,300 amid lean inventory, as the number of homes available for sale fell 9.5% y/y. Regionally, the densely populated South fell 3.0%, matching the lowest level since July 2020, while the Midwest (-4.5%) and Northeast (-2.9%) also dropped, even as the West held steady. Meantime, the prior month was revised even lower, now posting an 8.6% decline (versus the -7.6% initially reported). in March, marking the lowest level since June 2020. existing home sales fell for the second straight month, down 2.7% to 5.77 mln a.r.

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