Existing-home sales slipped in March, according to the National Association of Realtors (NAR). Among the four major U.S. regions, sales slid in the Midwest, South and West, but rose in the Northeast for the first time since November 2023. Year-over-year, sales decreased in all regions.
Total existing home sales, defined as completed transactions that include single-family homes, townhomes, condominiums and co-ops, receded 4.3 percent from February to a seasonally adjusted annual rate of 4.19 million in March. Year-over-year, sales waned 3.7 percent (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 Lawrence Yun, NAR chief economist “There are nearly s6 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 1.11 million units, up 4.7 percent from February and 14.4 percent 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.
“More inventory is always welcomed in the current environment,” Yun said. “Frankly, it’s a great time to list with ongoing multiple offers on mid-priced properties and, overall, home prices continuing to rise.”
The median existing-home price for all housing types in March was $393,500, an increase of 4.8 percent from the previous year ($375,300). All four U.S. regions registered price gains.
According to the monthly Realtor Confidence Index, properties typically remained on the market for 33 days in March, down from 38 days in February but up from 29 days in March 2023.
First-time buyers were responsible for 32 percent of sales in March, up from 26 percent in February and 28 percent in March 2023.
All-cash sales accounted for 28 percent of transactions in March, down from 33 percent in February but up from 27 percent one year ago.