US Existing Home Sales Experience Significant Decline

In a recent report released by the National Association of Realtors (NAR), existing home sales in the United States witnessed a notable decrease of 5.9% in March, marking a seasonally adjusted annual rate of 4.02 million. This downturn represents a 2.4% decline from the previous year, highlighting growing concerns in the housing market.

Price Trends and Inventory Levels

Despite the drop in sales, the median existing home sales price for all housing types saw a year-over-year increase of 2.7%, reaching $403,700. On the inventory front, total housing inventory at March's end stood at 1.33 million units, showcasing an 8.1% monthly surge and a significant 19.8% annual rise.

Expert Insights on the Market Slowdown

"The sluggish activity in home buying and selling during March can largely be attributed to the affordability challenges posed by high mortgage rates. The current residential housing mobility, which is at historical lows, raises concerns about reduced economic mobility across society," explained Lawrence Yun, NAR Chief Economist.