Slowest Sales Pace Since 2019

The United States housing market is experiencing its slowest sales pace in six years, with homes taking an average of 47 days to sell in March, as reported by Redfin. This is nearly double the time during the pandemic's peak, highlighting significant shifts in buyer behavior and market dynamics.

Factors Influencing the Market

Elevated prices, a surge in supply, and growing economic uncertainty are putting pressure on the housing market. Notably, only 27% of buyers paid above the asking price last month, the lowest rate for March since 2020. Despite a 2.5% year-over-year increase, the median sale price growth to $431,057 is the slowest in 18 months.

Expert Insights

Redfin Senior Economist Elijah de la Campa points to "tariff fears and widespread economic uncertainty" as major factors deterring buyers. These elements are reshaping expectations and strategies in the real estate sector.