Spring Housing Slump
U.S. existing‑home sales fell to a nine‑month low in March, a decline Reuters tied to rising mortgage rates and constrained supply. (reuters.com) The National Association of Realtors also downgraded its 2026 forecast amid weaker spring sales and affordability pressures. (wjla.com)
Americans bought existing homes at the slowest pace in nine months in March, a weak start to the spring selling season. (nar.realtor) Existing-home sales fell 3.6% from February to a seasonally adjusted annual rate of 3.98 million in March, down 1.0% from a year earlier and below the 4.06 million pace economists expected in a Reuters poll. (nar.realtor) (reuters.com) The National Association of Realtors said March sales fell in all four regions from the prior month, with year-over-year gains only in the South and West. Chief Economist Lawrence Yun said “lower consumer confidence and softer job growth” were holding back buyers. (nar.realtor) Mortgage costs stayed high as the market entered spring: Freddie Mac said the average 30-year fixed-rate mortgage was 6.37% on April 9, after averaging 6.46% a week earlier. Reuters reported rates had risen in recent weeks, adding pressure to demand. (freddiemac.com) (reuters.com) Supply improved from a year ago but remained tight by historical standards. The National Association of Realtors counted 1.33 million existing homes on the market at the end of March, up 8.1% from February and 19.8% from a year earlier, equal to a 4.0-month supply at the current sales pace. (nar.realtor) Prices kept climbing even as sales slowed. The median existing-home price rose 2.7% from a year earlier to $403,700 in March, a record for that month and the 21st straight month of year-over-year price increases. (nar.realtor) That mix of high prices and high borrowing costs led the trade group to cut its 2026 outlook. The National Association of Realtors now expects existing-home sales to rise about 4% this year, down from its earlier forecast of a 14% increase. (baltimoresun.com) (homes.com) Builders could capture some buyers who cannot find resale listings, because the stock of newly built homes is higher than the resale market’s supply. The Census Bureau said it tracks national inventory for new single-family homes separately, and Reuters said that inventory has been hovering near late-2007 levels. (census.gov) (reuters.com) For now, the spring market is still defined by a simple math problem: monthly payments remain elevated, listings are limited, and sales are running below last year’s pace. (nar.realtor) (freddiemac.com)
