The National Association of Realtors is reporting that existing home sales were down 8.5% in March. However existing home sales were up 0.8% year-over-year. Total housing inventory at the end of March was 1.50 million units, up 2.7% from February and down 10.2% from one year ago. Total unsold inventory was at a 3.4-month supply at the current sales pace with properties remaining on the market for around 29 days. The median existing-home price for all housing types was $280,600, up 8% from March, 2019.
“Unfortunately, we knew home sales would wane in March due to the coronavirus outbreak,” said Lawrence Yun, NAR’s chief economist. “More temporary interruptions to home sales should be expected in the next couple of months, though home prices will still likely rise.”