NAR: Existing US Home Sales Fell 3.7% in March

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Yesterday, the National Association of Realtors released existing home sales data, including a new high for the median price of an existing home: $329,100.

Also, the median existing single-family home sales price reached a new high of $334,500.

Lawrence Yun, chief economist for the National Association of Realtors. In a statement, “Consumers are facing much higher home prices, rising mortgage rates, and falling affordability, however, buyers are still active in the market,”

In the meantime, existing home sales fell 3.7 percent in March to a seasonally adjusted annual rate of 6.01 million. When compared to a year ago, when the pandemic first caused lockdowns, the pace of existing-home sales has increased by 12.3 percent.

Inventory constraints continue to stifle home sales. “The sales for March would have been measurably higher, had there been more inventory. Days-on-market is swift, multiple offers are prevalent, and buyer confidence is rising.” Yun continued.

At the end of March, housing inventory had increased slightly to 1.07 million units, a 28.2 percent increase year on year. Property typically sells in 18 days, a record low.

The following is a breakdown of regional existing home sales activity:

South US

  • The existing home sales rate of 2,700,000 is 2.9 percent lower than in February.
  • The median home price is $283,900, up 15.6 percent from last year.

West US

  • The rate of existing home sales is down 8.0 percent from February, at 1,270,000.
  • The median home price is $493,300, a 16.8 percent increase over the previous year.

Northeast US

  • The existing home sales rate is 760,000, a 1.3 percent decrease from February.
  • The median home price is $364,800, up 21.4 percent from last year.

Midwest US

  • The existing home sales rate of 1,280,000 is 2.3 percent lower than in February.
  • The median home price is $248,200, up 13.5 percent from last year.

Jack is one of our correspondents who provide mainly on building industry trend updates.