The final sales report is in from the National Association of Realtors which shows March was a bit soft for existing-home sales. According to NAR, month-over-month sales declined in three out of four major U.S. regions, while sales in the Northeast remained steady. All regions posted year-over-year decreases.
Total existing-home sales fell 2.4 percent from February to a seasonally adjusted annual rate of 4.44 million in March. Year-over-year, sales were down 22 percent.
“Home sales are trying to recover and are highly sensitive to changes in mortgage rates,” said NAR Chief Economist Lawrence Yun. “Yet, at the same time, multiple offers on starter homes are quite common, implying more supply is needed to fully satisfy demand. It’s a unique housing market.”
The median existing-home price3 for all housing types in March was $375,700, a decline of 0.9 percent from March 2022. Price climbed slightly in three regions but dropped in the West. Of course, that wasn’t the case in California, as we reported earlier this week.
“Home prices continue to rise in regions where jobs are being added and housing is relatively affordable,” Yun noted. “However, the more expensive areas of the country are adjusting to lower prices.”
Total housing inventory at the end of March was 980,000 units, up 1 percent from February and 5.4 percent from one year ago. Unsold inventory sits at a 2.6-month supply at the current sales pace, unchanged from February but up from 2 months in March 2022.
This post was originally published on this site be sure to check out more of their content.
