Slowest Home Sales in Six Years

In a significant downturn, homes in the United States are now selling at their slowest pace since 2019. Data released by Redfin reveals that the typical property under contract in March took 47 days to sell, nearly doubling the time compared to the pandemic boom period.

Factors Weighing on the Market

The housing market is currently facing multiple challenges, including elevated prices, economic uncertainty, and a surge in supply. These factors collectively contribute to the sluggish sales pace, marking a stark contrast to the previous years' rapid transactions.

Decline in Over-Asking Price Payments

Highlighting the market's cooling, only 27% of buyers paid over the asking price last month, the lowest March rate since 2020. Despite a 2.5% year-over-year increase, the median sale price growth has slowed to $431,057, the most tepid in 18 months.

Expert Insight

Redfin Senior Economist Elijah de la Campa points to "tariff fears and widespread economic uncertainty" as major deterrents for potential buyers, further complicating the market's recovery prospects.