US Existing Home Sales Decline in March

The National Association of Realtors (NAR) reported a significant 5.9% decrease in existing home sales across the United States in March, with the seasonally adjusted annual rate dropping to 4.02 million. This marks a 2.4% decline from the previous year, highlighting ongoing challenges in the housing market.

Price and Inventory Trends

Median home prices saw a year-over-year increase of 2.7%, reaching $403,700. Meanwhile, the total housing inventory at March's end was 1.33 million units, showing an 8.1% monthly and a 19.8% annual increase, indicating a potential shift in market dynamics.

Expert Insight

NAR Chief Economist Lawrence Yun pointed out, "The sluggish home buying and selling activities in March can be attributed to the affordability issues stemming from high mortgage rates. The current low levels of residential housing mobility could have broader implications for economic mobility in society."