Total existing-home sales dropped 5.9% in March, down from February according to NAR

[Ken M.]

Total existing-home sales, including single-family homes, townhomes, condominiums, and co-ops, dropped 5.9% to a seasonally adjusted annual rate of 4.02 million in March, down from February's reading of 4.27 million, the National Association of Realtors (NAR) announced on Thursday.

The data was weaker than expected, as economists called for a smaller decline in the sales rate to 4.14 million. Year-over-year, sales were down 2.4% from March 2024.

"Residential housing mobility, currently at historical lows, signals the troublesome possibility of less economic mobility for society."

A growing supply of homes for sale could help ease prices through the year. The report said the total housing inventory at the end of March was 1.33 million units, up 8.1% from February and 19.8% from one year ago. The supply of homes for sale currently sits at a 4.0-month supply at the current sales pace, up from 3.5 months in February.