US Existing Home Sales Decline in March

Existing home sales in the United States experienced a significant decrease of 5.9% in March, with a seasonally adjusted annual rate of 4.02 million, as reported by the National Association of Realtors (NAR). This marks a 2.4% decline from the previous year.

Price and Inventory Trends

The median sales price for existing homes across all housing types saw a 2.7% increase year-over-year, reaching $403,700. Meanwhile, the total housing inventory at the end of March surged to 1.33 million units, an 8.1% rise from February and a 19.8% increase compared to March 2024.

Challenges in the Housing Market

"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 economic mobility issues for society," explained Lawrence Yun, NAR Chief Economist.