The National Association of Realtors is reporting that existing home sales were down 5.9% in March to a seasonally-adjusted annual rate of 4.02 million – down 2.4% year over year. Total housing inventory at the end of March was 1.33 million units, up 8.1% from February and up 19.8% from one year ago. Unsold inventory sits at a 4-month supply at the current sales rate with properties remaining on the market for around 36 days. The median existing-home price for all housing types in March was $403,700.
“Home buying and selling remained sluggish in March due to the affordability challenges associated with high mortgage rates…Residential housing mobility, currently at historical lows, signals the troublesome possibility of less economic mobility for society.” Said the NAR’s Chief Economist Lawrence Yun.
Click here to read the full report at the NAR.
