Existing-home sales slide 8.5%
Existing-home declined in March after posting a 6.5% gain in February, the National Association of Realtors (NAR) reported today.
Total existing-home sales, including sales of single-family homes, condos, townhomes and co-ops, fell 8.5% from February to a seasonally-adjusted annual rate of 5.27 million in March.
Overall sales increased year-over-year for the ninth straight month, up 0.8% from a year ago (5.23 million in March 2019), however.
Single-family existing-home sales sat at a seasonally-adjusted annual rate of 4.74 million in March, down 8.1% from 5.16 million in February, and up 1.3% from a year ago.
While sales have fallen, home prices have not.
The median existing-home price for all housing types in March was $280,600, up 8% from March 2019 ($259,700), as prices increased in every region. March’s national price increase marks 97 straight months of year-over-year gains.
The median existing single-family home price was $282,500 in March, up 8% from March 2019 while the median existing condo price was $263,400 in March, an increase of 7.9% from a year ago.
Existing condominium and co-op sales were recorded at a seasonally adjusted annual rate of 530,000 units in March, down 11.7% from February and down 3.6% from a year ago.
“Unfortunately, we knew home sales would wane in March due to the coronavirus outbreak,” said Lawrence Yun, NAR chief economist. “More temporary interruptions to home sales should be expected in the next couple of months, though home prices will still likely rise.”
Here’s how March existing-home sales break down by region:
Total inventory at the end of March totaled 1.50 million units, up 2.7% from February, but down 10.2% from one year ago (1.67 million).
Unsold inventory sits at a 3.4-month supply at the current sales pace, up from three months in February and down from the 3.8-month figure recorded in March 2019.
“Earlier in the year, we watched inventory gradually tick upward but with the current quarantine recommendations in place, fewer sellers are listing homes, which will limit buyer choices,” Yun said. “Significantly more listings are needed and more will come on to the market once the economy steadily reopens.”
Total existing-home sales, including sales of single-family homes, condos, townhomes and co-ops, fell 8.5% from February to a seasonally-adjusted annual rate of 5.27 million in March.
Overall sales increased year-over-year for the ninth straight month, up 0.8% from a year ago (5.23 million in March 2019), however.Single-family existing-home sales sat at a seasonally-adjusted annual rate of 4.74 million in March, down 8.1% from 5.16 million in February, and up 1.3% from a year ago.
While sales have fallen, home prices have not.
The median existing-home price for all housing types in March was $280,600, up 8% from March 2019 ($259,700), as prices increased in every region. March’s national price increase marks 97 straight months of year-over-year gains.
The median existing single-family home price was $282,500 in March, up 8% from March 2019 while the median existing condo price was $263,400 in March, an increase of 7.9% from a year ago.
Existing condominium and co-op sales were recorded at a seasonally adjusted annual rate of 530,000 units in March, down 11.7% from February and down 3.6% from a year ago.
“Unfortunately, we knew home sales would wane in March due to the coronavirus outbreak,” said Lawrence Yun, NAR chief economist. “More temporary interruptions to home sales should be expected in the next couple of months, though home prices will still likely rise.”
Here’s how March existing-home sales break down by region:
- Northeast: Sales fell 7.1%, recording an annual rate of 650,000, a 3% decrease from a year ago. The median price in the Northeast was $300,400, up 8.3% from March 2019.
- Midwest: Existing-home sales decreased to an annual rate of 1.25 million, up 4.2% from a year ago. The median price in the Midwest was $219,700, a 9.7% increase from March 2019.
- South: Sales dropped 9.1% to an annual rate of 2.29 million in March, up 0.9% from the same time one year ago. The median price in the South was $245,100, a 7.5% increase from a year ago.
- West: Sales are down 13.6% to an annual rate of 1.08 million in March, a 0.9% decline from a year ago. The median price in the West was $420,600, up 8% from March 2019.
Total inventory at the end of March totaled 1.50 million units, up 2.7% from February, but down 10.2% from one year ago (1.67 million).
Unsold inventory sits at a 3.4-month supply at the current sales pace, up from three months in February and down from the 3.8-month figure recorded in March 2019.
“Earlier in the year, we watched inventory gradually tick upward but with the current quarantine recommendations in place, fewer sellers are listing homes, which will limit buyer choices,” Yun said. “Significantly more listings are needed and more will come on to the market once the economy steadily reopens.”