Existing-home sales fell 5.9% in March to a seasonally adjusted annual rate of 4.02 million. Sales fell 2.4% from one year ago. Sales slid in all four major U.S. regions. Year-over-year, sales dropped in the Midwest and South, increased in the West and were unchanged in the Northeast, according to the National Association of Realtors (NAR).
“Home buying and selling remained sluggish in March due to the affordability challenges associated with high mortgage rates,” said NAR Chief Economist Lawrence Yun. “Residential housing mobility, currently at historical lows, signals the troublesome possibility of less economic mobility for society.” “In a stark contrast to the stock and bond markets, household wealth in residential real estate continues to reach new heights,” Yun said. “With mortgage delinquencies at near-historical lows, the housing market is on solid footing. A small deceleration in home price gains, which was slightly below wage-growth increases in March, would be a welcome improvement for affordability.”
Total housing inventory registered at the end of March was 1.33 million units, up 8.1% from February and 19.8% from one year ago (1.11 million). Unsold inventory sits at a 4.0-month supply at the current sales pace, up from 3.5 months in February and 3.2 months in March 2024.
The median existing-home price for all housing types in March was $403,700, up 2.7% from one year ago ($392,900). All four U.S. regions registered price increases.
Distressed sales, foreclosures and short sales, represented 3% of sales in March, unchanged from February and up from 2% the prior year.
Read the NAR release.