U.S. existing-home sales declined 2.4 percent month-over-month as of last measure, according to the National Association of REALTORS® (NAR), reversing February’s sales gain of 14.5%. Fluctuations in mortgage interest rates have caused buyers to pullback, with pending sales dropping 5.2% month-over-month.
Meanwhile, the median existing-home sales price declined for the second month in a row, falling 0.9% nationally from the same time last year, the largest year-overyear decline since January 2012, according to NAR.
- New Listings were down 20.5 percent to 306.
- Pending Sales increased 2.9 percent to 281. Inventory grew 28.9 percent to 709 units.
- Prices moved higher as Median Sales Price was up 5.7 percent to $280,000.
- Days on Market increased 54.5 percent to 68 days. Months Supply of Inventory was up 75.0 percent to 2.8 months, indicating that supply increased relative to demand.
Housing inventory remains tight nationwide, with only 980,000 units available for sale heading into April, a 5.4% increase from one year earlier, although the number of homes for sale is down compared to the same period in 2019, prior to the pandemic. The lack of existing inventory continues to impact home sales, and with only 2.6 months’ supply of homes at last measure, competition for available properties remains strong, especially in certain price categories, with multiple offers occurring on about a third of properties, according to NAR.