Key Points:
- Existing-home sales fell 2.4% in March from February to a seasonally adjusted annual rate of 4.44 million.
- Consensus among economists was a 1.5% increase.
- Existing-home sales fell 22.0% from one year ago.
- The median existing-home sales price decreased 0.9% from one year ago to $375,700.
- First-time buyers were responsible for 28% of sales in March, up from 27% in February but down from 30% in March 2022.
- “Home sales are trying to recover and are highly sensitive to changes in mortgage rates,” said NAR Chief Economist Lawrence Yun. “Yet, at the same time, multiple offers on starter homes are quite common, implying more supply is needed to fully satisfy demand. It’s a unique housing market.”
- The Right Facts will continue to monitor home sales.