The Sales of Existing Homes Slide 2.4% in March

The National Association of Realtors reported that existing-home sales in March decreased in three out of four major US regions compared to the previous month, with sales in the Northeast remaining steady. However, all regions experienced a year-over-year decline. Total existing-home sales fell 2.4% from February to a seasonally adjusted annual rate of 4.44 million in March, with a year-over-year decline of 22.0%. Despite multiple offers on starter homes, implying high demand, more supply is required to satisfy it.

The total housing inventory registered at the end of March was 980,000 units, up 1.0% from February and 5.4% from one year ago. The median existing-home price for all housing types in March was $375,700, a decline of 0.9% from March 2022. First-time buyers were responsible for 28% of sales in March, and all-cash sales accounted for 27% of transactions. Distressed sales represented 1% of sales in March.