WASHINGTON (April 18, 2024) – The National Association of REALTORS® reported a decline in existing-home sales in March, noting decreases in the Midwest, South, and West, while sales increased in the Northeast for the first time since November 2023. Overall, sales decreased year-over-year across all regions.
Total existing-home sales – encompassing single-family homes, townhomes, condominiums, and co-ops – fell by 4.3% from February to a seasonally adjusted annual rate of 4.19 million in March. Compared to the same month last year, sales were down by 3.7%.
The Chief Economist of the National Association of REALTORS® commented, “While home sales are recovering from recent lows, they remain constrained as interest rates have stabilized without significant change. However, with employment significantly higher than pre-COVID levels, the number of potential home buyers has increased.”
The total housing inventory at the end of March stood at 1.11 million units, an increase of 4.7% from February and 14.4% from the previous year. The unsold inventory represents a 3.2-month supply at the current sales pace, which is an increase from previous months.
The Chief Economist added, “The market is welcoming more inventory. Now is an opportune time to list properties, as mid-priced homes continue to receive multiple offers and home prices generally rise.”
The median existing-home price for all housing types in March was $393,500, marking a 4.8% increase from the previous year. Price gains were recorded across all four U.S. regions.
According to the REALTORS® Confidence Index, homes typically stayed on the market for 33 days in March, quicker than in February but slower than the previous year. First-time buyers accounted for 32% of sales in March, a noticeable increase from previous months.
Cash sales made up 28% of all transactions in March, slightly down from February but up from last year. Individual investors or second-home buyers purchased 15% of homes.
Distressed sales, including foreclosures and short sales, made up 2% of total sales, consistent with recent trends.
Mortgage rates also showed a rise, with Freddie Mac reporting the average 30-year fixed-rate mortgage at 6.88% in early April.
Breaking down by type, single-family home sales stood at a seasonally adjusted annual rate of 3.8 million units in March, while sales of condos and co-ops were at 390,000 units. Median prices for these homes showed respective increases from the previous year.
Regionally, the Northeast saw an improvement in home sales, while other regions experienced declines. Notably, sales in the West saw significant decreases.
The National Association of REALTORS® continues to be a leading organization in the real estate industry, representing over 1.5 million members across residential and commercial sectors.
For detailed local information, contacting local REALTOR® associations is recommended, as they provide the most accurate and current data from local multiple listing services (MLS).
Upcoming releases from the National Association of REALTORS® include the Pending Home Sales Index and the Existing-Home Sales report, expected later this spring.
