The National Association of Realtors is reporting that existing home sales were down 3.7% in March to a seasonally-adjusted annual rate of 6.01 million (up 12.3% from one year ago). Total housing inventory at the end of March was 1.07 million units, down 28.2% from one year ago. Unsold inventory sits at a 2.1-month supply at the current sales pace with properties remaining on the market for around 18 days. The median existing-home price for all housing types was $334,000, up 18.4% from March, 2020. Once again, it’s INVENTORY INVENTORY INVENTORY:
“The sales for March would have been measurably higher, had there been more inventory,” Said Lawrence Yun, NAR’s chief economist.
CNBC’s Diana Olick says Home sales are down because of supply, not demand.
Click here to read the full report at the National Association of Realtors.
