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U.S. existing-home sales, which make up most of the housing market, fell 2.4% in March from the prior month. Photo: Tannen Maury/Shutterstock占房地产市场大部分的美国成屋销售 3 月份环比下降 2.4%。照片：Tannen Maury/Shutterstock
Home sales fell across the U.S. in March, a sluggish start to the crucial spring selling season as higher mortgage rates squashed momentum from the previous month.3 月份全美房屋销售下滑，这是关键的春季销售旺季的低迷开局，因为较高的抵押贷款利率削弱了上个月的势头。
U.S. existing-home sales decreased 2.4% in March from the prior month to a seasonally adjusted annual rate of 4.44 million, the National Association of Realtors said Thursday. March sales fell 22% from a year earlier.美国全国房地产经纪人协会周四表示，3 月份美国成屋销售较上月下降 2.4%，经季节性因素调整后的年率为 444 万套。 3 月份销售额同比下降 22%。
March marked the 13th time in the previous 14 months that sales have slowed. The housing market had a surprisingly strong February, when sales rose a revised 13.75% from the previous month. But after mortgage rates ticked higher, March sales resumed the extended period of declines.3 月是过去 14 个月中第 13 次销售放缓。 2 月份的房地产市场出人意料地强劲，销售额较上月修正后增长 13.75%。但在抵押贷款利率小幅走高后，3 月份的销售量恢复了长时间的下滑。
The housing market’s slowdown is now starting to weigh on prices, which have fallen on an annual basis for two consecutive months for the first time in 11 years. The national median existing-home price decline of 0.9% in March from a year earlier to $375,700 was the biggest year-over-year price drop since January 2012, NAR said.房地产市场的放缓现在开始对价格造成压力，价格连续两个月按年下跌，这是 11 年来的首次。 NAR 表示，3 月份全国现房价格中值较上年同期下跌 0.9% 至 375,700 美元，是自 2012 年 1 月以来的最大同比跌幅。
Median prices, which aren’t seasonally adjusted, were down 9.2% from a record $413,800 in June. Home prices in the western half of the U.S. experienced some of the biggest gains for many years but are now falling the fastest.未经季节性调整的中位价格较 6 月份创纪录的 413,800 美元下降了 9.2%。美国西半部的房价经历了多年来的一些最大涨幅，但现在跌幅最快。
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The U.S. housing market has slowed dramatically in the past year as rising mortgage rates, high home prices and persistently low inventory frustrated buyers.由于不断上升的抵押贷款利率、高房价和持续低库存令买家感到沮丧，美国房地产市场在过去一年中大幅放缓。
March’s home sales declines don’t bode well for the spring season, which is usually the most active time for home sales because families with children often want to move homes between school years.3 月的房屋销售下滑对春季来说不是好兆头，春季通常是房屋销售最活跃的时期，因为有孩子的家庭通常想在学年之间搬家。
A cooling economy, with stubbornly high inflation and the prospect of recession in the next 12 months, is keeping some buyers on the sidelines. Consumers also borrowed less following the collapse last month of Silicon Valley Bank and Signature Bank, a Federal Reserve report said Wednesday.经济降温、通货膨胀居高不下以及未来 12 个月经济衰退的前景使一些买家保持观望。美联储周三的一份报告称，在上个月硅谷银行和 Signature 银行倒闭后，消费者的借贷也减少了。
Mortgage rates have fluctuated in recent months since hitting 20-year highs above 7% in the fall. The average rate for a 30-year fixed mortgage was 6.39% this week, up from 5.11% a year earlier and the first increase after five straight weeks of declines, according to Freddie Mac.自从在秋季触及 7% 以上的 20 年高点以来，最近几个月抵押贷款利率一直在波动。根据 Freddie Mac 的数据，本周 30 年期固定抵押贷款的平均利率为 6.39%，高于一年前的 5.11%，并且是连续五周下降后的首次上涨。
“The consumer appears to be very sensitive to changes in week-to-week mortgage rates,” said Lawrence Yun, NAR’s chief economist. “It almost appears that people are just waiting for the right rate before deciding or closing.”“消费者似乎对每周抵押贷款利率的变化非常敏感，”NAR 首席经济学家 Lawrence Yun 表示。 “看起来人们在决定或关闭之前只是在等待合适的利率。”
Other housing data also pointed to slowing activity. Housing starts, a measure of U.S. home-building, fell 0.8% in March from February, the Commerce Department said this week. Residential permits, which can be a bellwether for future home construction, dropped 8.8%.其他住房数据也表明活动放缓。美国商务部本周表示，3 月份新屋开工率比 2 月份下降 0.8%，衡量美国房屋建设的指标。可以作为未来房屋建设风向标的住宅许可下降了 8.8%。
The housing market slowdown shows one of the main ways that the Fed’s aggressive interest-rate increases are rippling through the economy. Housing is one of the most rate-sensitive economic sectors, and high housing costs have been a big contributor to inflation.房地产市场放缓表明美联储积极加息对经济产生涟漪效应的主要方式之一。住房是对利率最敏感的经济部门之一，高昂的住房成本一直是通货膨胀的一个重要因素。
This spring’s activity could still pick up over the next couple of months, especially if mortgage rates ease and more sellers feel comfortable listing. But it is likely to be muted compared with the housing boom that extended from mid-2020 through early 2022, when low mortgage rates and a desire for more space during the pandemic led to a surge of home sales.在接下来的几个月里，今年春季的交易活动仍可能回升，尤其是如果抵押贷款利率下降且更多卖家愿意挂牌的话。但与从 2020 年年中持续到 2022 年初的房地产繁荣相比，它可能会减弱，当时低抵押贷款利率和大流行期间对更多空间的渴望导致房屋销售激增。
U.S. median existing-home price, change from a year earlierSource: National Association of RealtorsNote: March 2023 data is preliminary.
March: –0.9%2010'15'20-100102030%
Most people who bought homes in recent years don’t yet need to move again, and many homeowners are reluctant to give up their low mortgage rates, said Daryl Fairweather, chief economist at real-estate brokerage Redfin Corp.房地产经纪公司 Redfin Corp. 的首席经济学家 Daryl Fairweather 表示，大多数近年来购房的人还不需要再次搬家，许多房主不愿放弃低抵押贷款利率。
“That demand has already run its course, and now we’re left with leftovers or people who missed the boat,” she said.“这种需求已经结束，现在我们只剩下剩菜剩饭或错过了船的人，”她说。
March Existing Home Sales Report: The Housing and Inflation Equation3 月成屋销售报告：住房和通货膨胀方程式YOU MAY ALSO LIKE 你也许也喜欢March Existing Home Sales Report: The Housing and Inflation Equation3 月成屋销售报告：住房和通货膨胀方程式Play video: March Existing Home Sales Report: The Housing and Inflation EquationPHOTO: Joe Raedle/Getty Images 照片：Joe Raedle/Getty Images
Home prices are declining the most in the West. But in other parts of the country, prices are still rising from a year earlier because inventory of homes for sale is unusually low for this time of year.西部地区的房价跌幅最大。但在该国其他地区，价格仍较上年同期上涨，因为每年这个时候待售房屋库存异常低。
“Home prices continue to rise in regions where jobs are being added and housing is relatively affordable,” Mr. Yun said. “The more expensive areas of the country are adjusting to lower prices.”“在就业机会增加且住房相对负担得起的地区，房价继续上涨，”云先生说。 “该国较昂贵的地区正在调整以降低价格。”
Nationally, there were 980,000 homes for sale or under contract at the end of March, up 1% from February and up 5.4% from March 2022, NAR said. At the current sales pace, there was a 2.6-month supply of homes on the market at the end of March.NAR 表示，在全国范围内，截至 3 月底有 980,000 套待售或签约房屋，比 2 月份增长 1%，比 2022 年 3 月增长 5.4%。按照目前的销售速度，3 月底市场上的房屋供应量为 2.6 个月。
The number of homes for sale is up from a year ago because houses are sitting on the market longer. But the number of new listings in March fell 20% from a year earlier, according to Realtor.com.待售房屋的数量比一年前有所增加，因为房屋在市场上的停留时间更长。但根据 Realtor.com 的数据，3 月份的新房源数量较上年同期下降了 20%。
Inventory typically rises in the spring, as sellers want to take advantage of the busiest buying season.春季库存通常会增加，因为卖家希望利用最繁忙的购买季节。
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“The question is, who’s going to win? Are the buyers going to chew up all the inventory that’s there and we’ll still be sitting waiting for more homes to come on?” said Bill Boswell, a real-estate agent in Wayne, N.J. “Or will enough homes come on to satisfy the demand?”“问题是，谁会赢？买家是否会消耗掉所有库存，而我们仍将坐等更多房屋上市？”新泽西州韦恩市的房地产经纪人比尔博斯韦尔说，“还是会有足够的房屋来满足需求？”
Ben Westphal and Charlie Rasmason bought a three-bedroom house in Westchester, Ill., in March. Photo: Morgan MeekerBen Westphal 和 Charlie Rasmason 三月份在伊利诺伊州韦斯特切斯特买了一套三居室的房子。照片：摩根·米克
Charlie Rasmason and Ben Westphal looked at houses in the Chicago suburbs in early 2022 but decided to keep renting because the available houses within their budget needed a lot of work. When they tried house hunting again in early 2023, there was more inventory available to choose from, but mortgage rates had risen, increasing their expected monthly payments.Charlie Rasmason 和 Ben Westphal 在 2022 年初查看了芝加哥郊区的房屋，但决定继续租房，因为他们预算范围内的可用房屋需要大量工作。当他们在 2023 年初再次尝试找房子时，可供选择的存量更多，但抵押贷款利率上升，增加了他们的预期月供。
They bought a three-bedroom house in Westchester, Ill., in March for $369,000, about $10,000 below the listing price. “It was the right call despite the interest [rate] being what it is,” Mr. Rasmason said. “It went as well as it could have.”他们于 3 月以 369,000 美元的价格在伊利诺伊州韦斯特切斯特购买了一套三居室的房子，比挂牌价低了约 10,000 美元。 “尽管利率 [rate] 是这样，但这是正确的决定，”Rasmason 先生说。 “一切顺利。”
U.S. existing-home sales by regionSource: National Association of RealtorsNotes: Seasonally adjusted at an annual rate; March 2023 is preliminary.
March 2022'230123456million unitsWestSouthMidwestNortheast
Homes typically go under contract a month or two before the contract closes, so the March sales data largely reflect purchase decisions made in February and January.房屋通常在合同结束前一两个月签订合同，因此 3 月的销售数据主要反映了 2 月和 1 月做出的购买决定。
“I think we’ve hit kind of the bottom” in terms of pricing, said Lauryn Dempsey, a real-estate agent in the Denver area. “It’s definitely not as competitive as it was at the same time last year, but we definitely still have a really-low-inventory problem.”丹佛地区的房地产经纪人劳伦·登普西 (Lauryn Dempsey) 表示，“我认为我们在定价方面已经触底”。 “它肯定不像去年同期那样具有竞争力，但我们肯定仍然存在库存非常低的问题。”
News Corp, owner of the Journal, also operates Realtor.com under license from NAR.News Corp 是《华尔街日报》的所有者，还在 NAR 的许可下运营 Realtor.com。
Sarah Chaney Cambon contributed to this article.Sarah Chaney Cambon 对这篇文章做出了贡献。
Write to Nicole Friedman at [email protected]写信给妮可·弗里德曼 [email protected]