It was a slow start to Spring sales last month. According to newly released numbers from the National Association of Realtors, existing-home sales declined 4.3 percent nationally in March and we’re down 3.7 percent compared to March 2023.
Price, however, continue to rise. The median existing-home sales price rose 4.8 percent annually last month to $393,500. That’s the ninth consecutive month of year-over-year price gains and the highest price ever for the month of March.
“Though rebounding from cyclical lows, home sales are stuck because interest rates have not made any major moves,” said NAR Chief Economist Lawrence Yun. “There are nearly six million more jobs now compared to pre-COVID highs, which suggests more aspiring home buyers exist in the market.”
The West had the largest regional decline last month, with sales down 8.2 percent from February. The median price in the West was $603,000, up 6.7 percent from March 2023.
Existing-home sales were actually up in the Northeast, climbing 4.2 percent from February to an annual rate of 500,000 in March—ending a four-month streak where sales in the Northeast registered 480,000 units. Sales in the South and Midwest were down slightly on a monthly basis.
Be the first one to reply
Your Reply