Existing-home sales slipped in March in three of the four major regions of the United States, according to the National Association of Realtors® (NAR). Only the Northeast showed improvement, for the first time since November 2023. Year-over-year, however, sales decreased in all regions.
Total existing home sales — defined as completed transactions that include single-family homes, townhomes, condominiums and co-ops — fell 4.3% from February to a seasonally adjusted annual rate of 4.19 million in March. Year-over-year, sales waned 3.7%, down from 4.35 million in March 2023.
“Though rebounding from cyclical lows, home sales are stuck because interest rates have not made any major moves,” NAR chief economist Lawrence Yun said in a statement. “There are nearly six million more jobs now compared to pre-COVID highs, which suggests more aspiring home buyers exist in the market.”
Existing-home sales in the Northeast climbed 4.2% 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. Compared to March 2023, home sales were down 3.8%. The median price in the Northeast was $434,600, up 9.9% from one year ago.
In the Midwest, existing-home sales dropped 1.9% from February to an annual rate of 1.01 million in March, down 1.0% from the prior year. The median price in the Midwest was $292,400, up 7.5% from March 2023. Existing-home sales in the South fell 5.9% from February to an annual rate of 1.9 million in March, down 5.0% from one year ago. The median home price in the South was $359,100, up 3.4% from last year. And in the West, existing-home sales slumped 8.2% from February to an annual rate of 780,000 in March, down 3.7% from the previous year. The median price in the West was $603,000, up 6.7% from March 2023.
Other highlights of the latest NAR report:
- Nationally, the median existing-home sales price rose 4.8% from March 2023 to $393,500 — the ninth consecutive month of year-over-year price gains and the highest price ever for the month of March.
- The inventory of unsold existing homes increased 4.7% over February to 1.11 million at the end of March, or the equivalent of 3.2 months’ supply at the current monthly sales pace.
- First-time buyers were responsible for 32% of sales in March, up from 26% in February and 28% in March 2023.
See a summary of March 2024 existing-homes sales here.
