Existing Home Sales Decline in March, Rise 12.3% Year-Over-Year

The National Association of Realtors® (NAR) is reporting that total existing home sales — which are completed transactions for single-family homes, townhomes, condominiums and co-ops — declined in March for the second month in a row, down -3.7% below February to a seasonally adjusted rate at 6.01 million homes. Year-over-year sales are up 12.3% (5.35 million March 2020). At the end of March, unsold inventory was at a 2.1-month supply, at the current sales pace, up slightly from February’s rate of 2.0 months, but down year-over-year from March 2020 rate of 3.3 months. The median existing home price for all housing types in March was $329,100, up 17.2% from March 2020 ($280,700), as prices increased in every region. March’s national price jump marks 109 straight months of year-over-year gains. In prepared remarks, Lawrence Yun, NAR’s chief economist said, “Consumers are facing much higher home prices, rising mortgage rates, and falling affordability; however, buyers are still actively in the market.” Yun added, “The sales for March would have been measurably higher, had there been more inventory,” Yun added. “Days-on-market are swift, multiple offers are prevalent, and buyer confidence is rising.”