US Existing Home Sales Decline in March

In a recent report by the National Association of Realtors (NAR), existing home sales in the United States experienced a notable decrease of 5.9% in March, reaching a seasonally adjusted annual rate of 4.02 million. This marks a 2.4% decline compared to the same period last year.

Price Trends and Inventory Levels

The median sales price for existing homes across all housing types saw a year-over-year increase of 2.7%, settling at $403,700. Meanwhile, the total housing inventory at March's end was reported at 1.33 million units, showing an 8.1% rise from the previous month and a significant 19.8% increase from March 2024.

Expert Insights on Market Conditions

"The sluggish activity in home buying and selling during March can be attributed to the affordability challenges posed by high mortgage rates. The current low levels of residential housing mobility hint at potential negative implications for economic mobility across society," explained Lawrence Yun, Chief Economist at NAR.