Overview

• March existing-home sales declined 5.9% from February, reaching a seasonally adjusted annual rate of 4.02 million units, missing the 4.2 million consensus forecast.
• Median home prices rose 2.7% year-over-year to $403,700, marking the 21st consecutive month of annual price increases across all regions.
• Housing inventory grew by 8.1% from February, but the 4-month supply remains below the balanced market range of 5 to 6 months.
• Elevated mortgage rates, hovering around 6.7%, continue to constrain affordability and deter both buyers and sellers from entering the market.
• Residential housing mobility is at historical lows, raising concerns about broader socioeconomic impacts, according to NAR chief economist Lawrence Yun.