Existing Home Sales Declined 2.4% Month-Over-Month in March

On Thursday (4-20-23), the National Association of Realtors® (NAR) reported that total existing home sales—completed transactions for single-family homes, townhomes, condominiums, and co-ops—recorded a 2.4% decline in March from February to a seasonally adjusted rate of 4.44 million homes. Year-over-year, sales are down 22.0% (5.69 million in March 2022).

At the end of March, total housing inventory registered was 980,000 units, up 1.0% from February and 5.4% from March 2022 (930,000 units). At the end of the month, unsold inventory was at a 2.6-month supply at the current sales pace, unchanged from February but up from 2.0 months in March 2022.

The median existing home price for all housing types in March was $375,700, which represents a decline of 0.9% from March 2022 ($379,300). Prices increased in three out of four regions.

Properties typically remained on the market for 29 days in March, down from 34 days in February but up from 17 days in March 2022. Sixty-five percent of homes sold in March were on the market for less than a month.