Existing-home sales in the United States saw a decline of 4.3% in March, with a seasonally adjusted annual rate of 4.19 million, as reported by the National Association of REALTORS®. This drop marks a 3.7% decrease from the previous year. The median existing-home sales price also experienced an increase, reaching $393,500, the highest price ever recorded for the month of March and marking the ninth consecutive month of year-over-year price gains.

NAR Chief Economist Lawrence Yun commented on the current state of the housing market, noting that while home sales are recovering from cyclical lows, they are somewhat stagnant due to stable interest rates. Yun highlighted the presence of more potential homebuyers in the market, with nearly six million more jobs compared to pre-COVID levels.

Yun also emphasized the importance of increased housing inventory, stating, "More inventory is always welcomed in the current environment." He pointed out the favorable conditions for sellers, with multiple offers on mid-priced properties and overall rising home prices.

The regional breakdown of existing-home sales revealed varying trends across the country. In the Northeast, sales increased by 4.2% in March, with a median price of $434,600, up 9.9% from the previous year. Meanwhile, the Midwest saw a 1.9% decline in sales, with a median price of $292,400, up 7.5% from March 2023. In the South, sales dropped by 5.9%, with a median price of $359,100, up 3.4% from the previous year. The West experienced an 8.2% decrease in sales, with a median price of $603,000, up 6.7% from March 2023.

The statistics from the REALTORS® Confidence Index indicated that properties spent an average of 33 days on the market in March, with first-time buyers accounting for 32% of sales. All-cash sales made up 28% of transactions, while distressed sales represented 2% of the market.

Looking ahead, the National Association of REALTORS® will release the Pending Home Sales Index for March on April 25, with Existing-Home Sales for April scheduled for May 22. These upcoming reports will provide further insights into the evolving dynamics of the housing market.