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.