Existing-Home Sales Decrease 3.6% in March

Existing-home sales decreased by 3.6% month-over-month in March, the National Association of Realtors reported Monday.

“March home sales remained sluggish and below last year’s pace,” NAR Chief Economist Lawrence Yun noted. He said lower consumer confidence and softer job growth continue to hold buyers back.

Month-over-month sales fell in all four regions. On a year-over-year basis, sales rose in the South and West and fell in the Northeast and Midwest.

“Inventory remains a major constraint on the market,” Yun said. “The inventory-to-sales ratio, or supply-to-demand ratio, is below historical norms. 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.”

Bankrate Senior Economic Analyst Mark Hamrick noted that while sales are slow, it is worth remembering that seasonally adjusted annual sales pace is just below 4 million. “In other words, not zero. For those in the market to purchase a home, time-tested best practices include shopping around for the best mortgage rate,” he said.

The median home price rose to a new record high for the month of March, the report found. “That price growth has helped the typical homeowner accumulate $128,100 in housing wealth over the past six years,” Yun said.

The trade association revised its 2026 housing forecast. “Due to the upward trajectory of mortgage rates, NAR now expects existing-home sales to increase 4% this year, down from the previous projection. New-home sales are now expected to remain flat, a downward revision from the prior forecast of a 5% gain. The median home price forecast remains unchanged, with prices still projected to rise 4% in 2026.”