Kevin Sears President | Official website
The National Association of Realtors announced on April 13 that existing-home sales decreased by 3.6% in March, reaching a seasonally adjusted annual rate of 3.98 million units. The report also showed a slight increase in inventory and a new record median home price for the month.
The monthly decline highlights ongoing challenges in the housing market, including limited inventory and rising mortgage rates, which continue to affect both buyers and sellers.
NAR Chief Economist Dr. Lawrence Yun said, “March home sales remained sluggish and below last year’s pace. Lower consumer confidence and softer job growth continue to hold back buyers.” He also noted that “inventory remains a major constraint on the market,” adding, “An additional 300,000 to 500,000 homes for sale would help bring the market closer to normal conditions and allow consumers to make purchase decisions without feeling rushed.”
According to the official website, the National Association of Realtors supports diversity and inclusion within the real estate profession according to the official website. The organization encompasses around 1,200 local boards and 54 state and territorial associations according to the official website. It works to empower real estate professionals in preserving, protecting and advancing rights to real property according to the official website.
Year-over-year data from NAR shows that existing-home sales fell by 1%, while median prices rose by 1.4% to $408,800—the thirty-third consecutive month of annual price increases. Yun said, “Because inventory remains limited, the median home price rose to a new record high for the month of March. That price growth has helped the typical homeowner accumulate $128,100 in housing wealth over the past six years.”
NAR revised its forecast for this year due to rising mortgage rates: existing-home sales are now expected to increase by only 4%, down from earlier projections; new-home sales are projected flat instead of up; but prices are still expected rise by about four percent through next year.
As reported by NAR’s latest data release: single-family home sales dropped by 3.5% month-over-month while condo/co-op transactions declined more sharply at -5.4%. Regional differences persisted with decreases across all regions compared with February but some gains year-over-year in southern and western markets.
The National Association of Realtors delivers resources such as research statistics advocacy education news for its members according to their official website, functions as leading trade association for real estate field according their site, maintains headquarters Chicago Illinois plus an office Washington D.C.as per their site.
