An "Open House" sign is displayed at a property for sale in Columbus, Ohio. Photographer: Ty Wright/Bloomberg
A gauge of signed contracts to purchase previously-owned U.S. homes rose less than forecast in March and the prior month's reading was revised down, indicating a lack of inventory is restraining the market, according to data released Monday from the National Association of Realtors in Washington. The latest results show that interested buyers continue to face a persistent shortage of affordable inventory that is driving up property prices faster than wage growth. Nonetheless, a solid job market and lower taxes are helping underpin demand for housing even as mortgage rates climb to an almost five-year high.
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