In March, existing-home sales dropped 5.9% from February to an annual rate of 4.02 million, marking the slowest pace since 2009. This decline, alongside a 2.4% year-over-year decrease, raises concerns for the upcoming spring housing season, traditionally a peak time for transactions. Despite sales dropping, median prices rose 2.7% to a March high of $403,700. The market struggles are attributed to high mortgage rates at 6.65%, which subsequently rose, impacting buyer mobility and confidence amid economic uncertainty from forthcoming tariff announcements.
The March figure was down 2.4% from a year ago, and the slowest March sales pace since 2009, signaling economic uncertainty.
NAR Chief Economist Lawrence Yun noted that "affordability challenges associated with high mortgage rates" contributed to sluggish home buying and selling.
Despite a 5.9% decrease in existing-home sales in March, median sales prices reached a record high, indicating complex market dynamics.
Mortgage rates averaged 6.65% in March before climbing sharply, affecting buyer confidence and leading to historical lows in residential housing mobility.
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