Key Points:
- Existing-home sales fell 4.3% in March from February, to a seasonally adjusted annual rate of 4.19 million.
- Existing-home sales fell 3.7% from one year ago.
- The median existing-home sales price for March rose 4.8% from one year ago to $393,500 for the ninth consecutive month of year-over-year price increases and the highest price ever for the month of March.
- First-time buyers were responsible for 32% of sales in March, up from 26% in February and 28% in March 2023.
- “Though rebounding from cyclical lows, home sales are stuck because interest rates have not made any major moves,” said NAR Chief Economist Lawrence Yun.
- The Right Facts will continue to monitor home sales.