Existing home sales dipped in March
Existing home sales retreated in March, according to the National Association of Realtors, with sales sliding in all four major U.S. regions. Year-over-year, sales dropped in the Midwest and South, increased in the West and were unchanged in the Northeast.
Total existing-home sales – completed transactions that include single-family homes, townhomes, condominiums and co-ops – fell 5.9 percent from February to a seasonally adjusted annual rate of 4.02 million in March. Year-over-year, sales fell 2.4 percent (down from 4.12 million in March 2024).
"Home buying and selling remained sluggish in March due to the affordability challenges associated with high mortgage rates," said NAR Chief Economist Lawrence Yun. "Residential housing mobility, currently at historical lows, signals the troublesome possibility of less economic mobility for society."
Total housing inventory registered at the end of March was 1.33 million units, up 8.1 percent from February and 19.8 percent from one year ago (1.11 million). Unsold inventory sits at a 4-month supply at the current sales pace, up from 3.5 months in February and 3.2 months in March 2024.
The median existing-home price for all housing types in March was $403,700, up 2.7 percent from one year ago ($392,900). All four U.S. regions registered price increases.
"In a stark contrast to the stock and bond markets, household wealth in residential real estate continues to reach new heights," Yun said. "With mortgage delinquencies at near-historical lows, the housing market is on solid footing. A small deceleration in home price gains, which was slightly below wage-growth increases in March, would be a welcome improvement for affordability. With real estate asset valuation at $52 trillion, according to the Federal Reserve Flow of Funds, each percentage point gain in home prices adds more than $500 billion to the household balance sheet."
Realtors Confidence Index
According to the monthly REALTORS Confidence Index, properties typically remained on the market for 36 days in March, down from 42 days in February but up from 33 days in March 2024.
First-time buyers were responsible for 32 percent of sales in March, up from 31 percent in February 2025 and identical to March 2024. NAR's 2024 Profile of Home Buyers and Sellers – released November 2024 – found that the annual share of first-time buyers was 24 percent, the lowest ever recorded.
Distressed sales – foreclosures and short sales – represented 3 percent of sales in March, unchanged from February and up from 2 percent the prior year.
Mortgage rates
According to Freddie Mac, the 30-year fixed-rate mortgage averaged 6.83 percent as of April 17. That's up from 6.62 percent one week before but down from 7.1 percent one year ago.
Regional breakdown
In March, existing home sales in the Northeast declined 2 percent from February to an annual rate of 490,000, identical to March 2024. The median price in the Northeast was $468,000, up 7.7 percent from one year earlier.
In the Midwest, existing home sales dropped 5 percent in March to an annual rate of 950,000, down 3.1 percent from the previous year. The median price in the Midwest was $302,100, up 3.5 percent from March 2024.
Existing home sales in the South sharnk 5.7 percent from February to an annual rate of 1.81 million in March, down 4.2 percent from one year before. The median price in the South was $360,400, up 0.6 percent from last year.
In the West, existing-home sales plunged 9.4 percent in March to an annual rate of 770,000, up 1.3 percent from a year ago. The median price in the West was $621,200, up 2.6 percent from March 2024.
