US Homes Selling at Slowest Pace in Six Years

On Thursday, Redfin reported that the typical US home that went under contract in March spent 47 days on the market—the longest for any March since 2019. At the height of the pandemic housing boom, homes were selling in less than half that time.

March marked five years since the onset of the pandemic, and many housing metrics are now reverting to levels seen just before or in the early stages of the virus, when the market was far less active. Only 27% of homes sold above their list price last month, the lowest share for any March since 2020.

Redfin attributes the slower sales pace and reduced competition to rising supply, sluggish demand, and overpricing. Buyers, facing high costs and ongoing economic uncertainty, are becoming more cautious.

There is some good news for buyers, Redfin said: With more inventory on the market, price growth is beginning to slow. The median home-sale price in March was $431,057, up 2.5% from a year earlier—the slowest annual increase since September 2023.

Still, many sellers are pricing aggressively. List prices are rising faster than sale prices, and Redfin agents report that overpriced homes are lingering on the market.

Commenting on the report, Redfin Senior Economist Elijah de la Campa said:

“There’s a growing disconnect between what sellers think they can get for their homes and the direction the market is actually moving. Tariff fears and widespread economic uncertainty are making homebuyers nervous, so if sellers don’t lower their price expectations, home sales may slow in the coming months.”