Kevin Sears President | Official website
Existing-home sales in the United States declined by 5.9% in March, with a seasonally adjusted annual rate of 4.02 million, according to the National Association of REALTORS (NAR). Sales decreased across all four major U.S. regions. Compared to the previous year, transactions reduced by 2.4%. The Midwest and South reported yearly declines, whereas the West saw an increase and the Northeast remained constant.
NAR Chief Economist Lawrence Yun noted, "Home buying and selling remained sluggish in March due to the affordability challenges associated with high mortgage rates."
The housing inventory at the end of March rose to 1.33 million units, an increase of 8.1% from February and a 19.8% rise from the previous year. Yun elaborated that residential housing mobility is at historical lows, indicating potential economic mobility issues.
The median price for existing homes in March was $403,700, marking a 2.7% increase from the previous year. The National Association of REALTORS reported price gains in all U.S. regions. Yun remarked, "In a stark contrast to the stock and bond markets, household wealth in residential real estate continues to reach new heights."
Properties typically remained on the market for 36 days in March, reducing from 42 days in February but increasing from 33 days in March 2024, according to the REALTORS Confidence Index.
First-time buyers contributed to 32% of sales in March, slightly up from 31% in February 2025. Cash sales, which primarily involve individual investors or second-home buyers, made up 26% of transactions in March.
Distressed sales accounted for 3% of the month's transactions, unchanged from the previous month. The 30-year fixed-rate mortgage averaged 6.83% as of April 17, up from the previous week's 6.62%.
Regionally, the Northeast saw a 2.0% decline in sales in March, while prices rose to a median of $468,000. In the Midwest, sales fell by 5.0% with the median price reaching $302,100. The South experienced a 5.7% decrease in sales, and the West saw a 9.4% plunge in sales but a 1.3% rise from the previous year.
The National Association of REALTORS, America's largest trade association, provides guidance and resources for real estate professionals and the public through consumer guides and statistical releases.
