Existing-home sales declined in March. According to the National Association of Realtors, total existing-home sales fell by 5.9% month-over-month to a seasonally adjusted annual rate of 4.02 million sales. Year-over-year, existing-home sales fell by 2.4%. Month-over-month, this was true for every region of the U.S., but year-over-year, existing-home sales dropped in the Midwest and South while increasing in the West and remaining unchanged in the Northeast.
Total housing inventory registered at the end of March was 1.33 million units, up 8.1% from February and 19.8% from one year ago (1.11 million). Unsold inventory sits at a 4.0-month supply at the current sales pace, up from 3.5 months in February and 3.2 months in March 2024.
The median existing-home price for all housing types in March was $403,700, up 2.7% from one year ago ($392,900). All four U.S. regions registered price increases. Read more