Spring housing cools

Sales of previously owned U.S. homes slowed in March to a 3.98 million annual rate, the weakest pace since June 2025. (nar.realtor) The National Association of Realtors said March sales fell 3.6% from February and 1.0% from March 2025. The drop hit all four regions on a monthly basis. (nar.realtor) Inventory moved the other way. There were 1.36 million homes on the market at the end of March, up 3.0% from February and 2.3% from a year earlier, equal to a 4.1-month supply. (nar.realtor) Prices did not break. The national median existing-home price rose 1.4% from a year earlier to $408,800, the highest March price in National Association of Realtors records going back to 1999. (apnews.com) Mortgage costs eased only a little as the spring market opened. Freddie Mac said the average 30-year fixed mortgage was 6.00% on March 5, 6.22% on March 19, and 6.38% on March 26. (freddiemac.com) (fred.stlouisfed.org) Lawrence Yun, the National Association of Realtors’ chief economist, said “lower consumer confidence and softer job growth” held back buyers in March. The Associated Press reported that more listings and slightly easier rates still did not pull many shoppers off the sidelines. (nar.realtor) (apnews.com) The slowdown extends a longer housing slump that began after mortgage rates jumped in 2022. The Associated Press said sales of previously occupied homes in 2025 were the lowest in nearly 30 years. (apnews.com) March still showed some signs of movement beneath the headline. Homes typically sold in 41 days, down from 47 days in February, and first-time buyers accounted for 32% of purchases, up from 31% a year earlier. (nar.realtor) The spring market is now carrying more listings than a year ago, but not enough price relief to restart sales. That left March with more choice for buyers, higher prices for sellers, and the slowest resale pace in nine months. (nar.realtor) (apnews.com)