The National Association of Realtors is reporting that existing home sales were down 2.7% in March to a seasonally-adjusted annual rate of 5.77 million (down 4.5% from one year ago). Total housing inventory at the end of March was 950k units, down 9.5% from one year ago. Unsold inventory sits at a 2-month supply at the current sales rate with properties remaining on the market for around 17 days. The median existing-home price for all housing types in March was $382k, which was up 15.2% from one year ago. The NAR says this marks 121 consecutive months of year-over-year increases, the longest-running streak on record.
“The housing market is starting to feel the impact of sharply rising mortgage rates and higher inflation taking a hit on purchasing power…Still, homes are selling rapidly, and home price gains remain in the double-digits.” Said Lawrence Yun, NAR’s chief economist.
Click here to read the full report at the National Association of Realtors.
