Existing home sales dropped in March following last month’s “surge of success,” according to a release from the National Association of Realtors. The NAR said that each of the four major U.S. regions saw a drop-off in sales with the Midwest leading the declines. Total existing-home sales fell 4.9% to a seasonally adjusted annual rate of 5.21 million in February along with sales as a whole down 5.4% from one year ago. Total housing inventory at the end of March was 1.68 million which translates into 3.9-month supply at the current sales pace. The median existing-home price for all housing types in March was $259,400.
“It is not surprising to see a retreat after a powerful surge in sales in the prior month. Still, current sales activity is underperforming in relation to the strength in the jobs markets. The impact of lower mortgage rates has not yet been fully realized.” Said Lawrence Yun, NAR’s chief economist.
Click here to read the full release at the National Association of Realtors.
