Housing showed early spring weakness
Existing home sales fell in March, signaling a slow start to the spring market while mortgage costs remain elevated — the average 30‑year mortgage rate was reported at about 6.37% last week. (thenewsherald.com) Media commentary called it a rough start to the usual busiest buying season. (fortune.com)
U.S. sales of previously owned homes fell in March, a weak opening to the spring market after a brief pickup in February. (nar.realtor) The National Association of Realtors said March existing-home sales dropped 3.6% from February to a seasonally adjusted annual rate of 3.98 million. That was also 1.0% below March 2025. (nar.realtor) Sales fell in all four U.S. regions from February. February had shown a 1.7% monthly increase to a 4.09 million annual rate, so March reversed that gain. (nar.realtor 1) (nar.realtor 2) Borrowing costs stayed high as buyers headed into spring. Freddie Mac said the average 30-year fixed mortgage rate was 6.37% for the week ending April 9, down from 6.46% a week earlier but above 6.00% in early March. (freddiemac.com) Prices did not ease with sales. The median existing-home price rose 1.4% from a year earlier to $408,800 in March, the highest price ever recorded for the month of March and the 33rd straight month of annual price gains. (nar.realtor) Inventory improved, but only slightly. The market had 1.36 million homes for sale 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) National Association of Realtors Chief Economist Lawrence Yun said “lower consumer confidence and softer job growth” held back buyers in March. He also said the market needs another 300,000 to 500,000 homes for sale to get closer to normal conditions. (nar.realtor) The buyer mix showed strain at the entry level. First-time buyers made up 32% of March purchases, down from 34% in February, while cash sales accounted for 27% of transactions and investors or second-home buyers made up 18%. (themortgagepoint.com) The trade group also cut its 2026 outlook. It now expects existing-home sales to rise 4% this year, down from its earlier forecast, and expects new-home sales to be flat instead of rising 5%. (nar.realtor) That leaves the spring market with the same problem it had at the start of the year: too few listings to bring prices down, and mortgage rates still high enough to keep many buyers on the sidelines. (nar.realtor) (freddiemac.com)
