Existing-home sales slipped 4.3% in March to a seasonally adjusted annual rate of 4.19 million, according to the National Association of Realtors (NAR). Sales declined 3.7% from the previous year (down from 4.35 million in March 2023).
“Though rebounding from cyclical lows, home sales are stuck because interest rates have not made any major moves,” said NAR Chief Economist Lawrence Yun. “There are nearly six million more jobs now compared to pre-COVID highs, which suggests more aspiring home buyers exist in the market.”
Total housing inventory registered at the end of March was up 1.11 million units, up 4.7% from February and 14.4% from one year ago (970,000). Unsold inventory sits at a 3.2-month supply at the current sales pace, up from 2.9 months in February and 2.7 months in March 2023.
The median existing-home price for all housing types in March was $393,500, an increase of 4.8% from the previous year ($375,300). All four U.S. regions posted price gains.
Distressed sales – foreclosures and short sales – represented 2% of sales in March, virtually unchanged from last month and the prior year.
Read the NAR release.
