WASHINGTON – Existing-home sales edged lower in March, according to the National Association of Realtors. Month-over-month sales declined in three out of four major U.S. regions, while sales in the Northeast remained steady. All regions posted year-over-year decreases.
Total existing-home sales fell 2.4 percent from February to a seasonally adjusted annual rate of 4.4 million in March. Year-over-year, sales waned 22 percent (down from 5.7 million in March 2022).
Total housing inventory registered at the end of March was 980,000 units, up 1 percent from February and 5.4 percent (930,000) from a year ago. Unsold inventory sits at a 2.6-month supply at the current sales pace, unchanged from February but up from two months in March 2022.
The median existing-home price for all housing types in March was $375,700, a decline of 0.9 percent from March 2022 ($379,300). Price climbed slightly in three regions but dropped in the West.
Properties typically remained on the market for 29 days in March, down from 34 days in February but up from 17 days in March 2022. Sixty-five percent of homes sold in March were on the market for less than a month.
First-time buyers were responsible for 28 percent of sales in March, up from 27 percent in February but down from 30 percent in March 2022.