US Existing-Home Sales Decline Month-Over-Month and Year-Over-Year in March

On Thursday, the National Association of Realtors® (NAR) reported that total US existing-home sales—or completed transactions for single-family homes, townhomes, condominiums, and co-ops—fell 4.3% month-over-month in March to a seasonally adjusted annual rate of 4.19 million. Year-over-year, sales declined 3.7%—down from 4.35 million.

Among the four major regions, sales declined in the Midwest, South, and West, while for the first time since November 2023, increased in the Northeast. Year-over-year, sales declined in all regions.

At the end of March, total housing inventory registered was 1.11 million units, up 4.7% from February and 14.4% from a year ago (970,000 units). At the end of the month, unsold inventory was at a 3.2-month supply at the current sales pace, up from 2.9 months in February and 2.7 months in March 2023.

The median existing home price for all housing types was $393,500, an increase of 4.8% from March 2023 ($375,300). Prices increased in all four regions.

According to the REALTORS® Confidence Index, properties typically remained on the market for 33 days in March, down from 38 days in February and 36 days in January but up from 29 days in March 2023.