The National Association of Realtors is reporting that existing home sales were down 4.4% in march to a seasonally-adjusted annual rate of 4.19 million – down 3.7% year over year. Total housing inventory at the end of March was 1.11 million units, up 4.7% from February and up 14.4% from one year ago. Unsold inventory sits at a 3.2-month supply at the current sales rate with properties remaining on the market for around 33 days. The median existing-home price for all housing types in March was $397,200, up 4.7% from one year ago.
“Though rebounding from cyclical lows, home sales are stuck because interest rates have not made any major moves…There are nearly six million more jobs now compared to pre-COVID highs, which suggests more aspiring home buyers exist in the market.” Said NAR Chief Economist Lawrence Yun.
Click here to read the full report at the National Association of Realtors.
