US Existing-Home Sales Decline 5.9% in March

On Thursday, the National Association of Realtors (NAR) reported that total existing-home sales—completed transactions for single-family homes, townhomes, condominiums, and co-ops—declined 5.9% to a seasonally adjusted annual rate of 4.02 million in March. Year-over-year, sales fell 2.4%, down from 4.12 million in March 2024.

Sales declined in all four regions. Compared to a year ago, sales were down in the Midwest and South, up in the West, and unchanged in the Northeast.

Total housing inventory at the end of March stood at 1.33 million units, an increase of 8.1% from February and 19.8% from the 1.11 million units recorded a year earlier. At the current sales pace, unsold inventory represents a 4.0-month supply—up from 3.5 months in February and 3.2 months in March 2024.

The median existing-home price for all housing types was $403,700 in March, a 2.7% increase from $392,900 one year ago. All four regions posted year-over-year gains.

According to the monthly REALTORS® Confidence Index, homes typically spent 36 days on the market in March—down from 42 days in February but up from 33 days in March 2024.