Existing homes sales slip
U.S. existing‑home sales fell 3.6% in March, according to the National Association of REALTORS®. The decline was reported alongside broader coverage that U.S. sales hit a nine‑month low amid tight inventory and higher mortgage rates. (globenewswire.com) (reuters.com)
Americans bought fewer previously owned homes in March, pushing sales to their slowest pace in nine months. (nar.realtor) The National Association of Realtors said existing-home sales fell 3.6% from February to a seasonally adjusted annual rate of 3.98 million in March. That was also 1.0% lower than March 2025. (nar.realtor) Sales fell in all four regions from the prior month, and the Northeast posted the sharpest drop. Reuters reported the March pace was the weakest since June 2025. (nar.realtor) (finance.yahoo.com) This report tracks closings on existing homes, so it reflects contracts that were likely signed weeks earlier, when buyers were still facing high borrowing costs. Freddie Mac said the average 30-year fixed mortgage rate was 6.37% on April 9, after reaching 6.46% a week earlier. (fred.stlouisfed.org) (freddiemac.com) Supply improved, but not by much. Total inventory rose to 1.36 million homes in March, up 3.0% from February, equal to a 4.1-month supply at the current sales pace. (nar.realtor) Prices kept rising even as sales slowed. The median existing-home price was $408,800 in March, up 1.4% from a year earlier and the 33rd straight month of annual price gains. (nar.realtor) The mix of buyers also shows how strained the market remains. First-time buyers made up 32% of purchases in March, down from 34% in February, while all-cash deals accounted for 27% of sales and individual investors or second-home buyers made up 18%. (themortgagepoint.com) National Association of Realtors Chief Economist Lawrence Yun said “lower consumer confidence and softer job growth” were holding back buyers. Reuters said economists also pointed to tighter supply and a recent run-up in mortgage rates as risks for the spring selling season. (nar.realtor) (finance.yahoo.com) The trade group has already cut its outlook for 2026. News reports citing the group said it now expects existing-home sales to rise about 4% this year, down from a prior forecast of 14% growth. (news4sanantonio.com) (aol.com) That leaves the spring market with more listings than a year ago, but not enough to bring down prices or fully offset mortgage rates that are still above 6%. March added one more month to a pattern of slow sales and stubbornly expensive homes. (nar.realtor) (freddiemac.com)
