Existing home sales slide continues

Existing-home sales edged lower in March, according to the National Association of Realtors. 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 — completed transactions that include single-family homes, townhomes, condominiums and co-ops — fell 2.4 percent from February to a seasonally adjusted annual rate of{mprestriction ids="1,3"} 4.44 million in March. Year-over-year, sales waned 22 percent (down from 5.69 million in March 2022).

“Home sales are trying to recover and are highly sensitive to changes in mortgage rates,” said Lawrence Yun, NAR chief economist. “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.”

Total housing inventory registered at the end of March was 980,000 units, up 1 percent from February and 5.4 percent from one year ago (930,000). Unsold inventory sits at a 2.6-month supply at the current sales pace, unchanged from February but up from 2.0 months in March 2022.

“Home prices continue to rise in regions where jobs are being added and housing is relatively affordable,” Yun said. “However, the more expensive areas of the country are adjusting to lower prices.”

The median existing-home price for all housing types in March was $375,700, a decline of 0.9 percent from March 2022 ($379,300). Prices climbed slightly in three regions but dropped in the West.{/mprestriction}