Existing home sales declined 3.7% in March to a seasonally adjusted annual rate of 6.01 million, the National Association of Realtors reports. The median existing home sales price had a record-breaking surge of 17.2%, climbing to a historic high of $329,100. Every region recorded double-digit price gains.
Compared with March 2020, existing home sales grew 12.3%.
“The sales for March would have been measurably higher had there been more inventory,” Lawrence Yun, NAR chief economist, said in a statement. “Days-on-market are swift, multiple offers are prevalent, and buyer confidence is rising.”
Properties typically sold in 18 days—a record low.
Regionally, month-over-month existing home sales fell 1.3% in the Northeast, 2.3% in the Midwest, 2.9% in the South and 8.0% in the West. Every region posted double-digit existing home sales growth compared with March 2020.
The full NAR report can be found here.
