U.S. Home Sales Edge Down Again in March
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- 24 Apr 2023
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Based on new data from the National Association of Realtors, existing-home sales edged lower in March 2023. Month-over-month sales declined in three out of four major U.S. regions, while sales in the Northeast remained steady. All regions posted year-over-year decreases.
Total existing-home sales - completed transactions that include single-family homes, townhomes, condominiums and co-ops - fell 2.4% from February to a seasonally adjusted annual rate of 4.44 million in March. Year-over-year, sales waned 22.0% (down from 5.69 million in March 2022).
"Home sales are trying to recover and are highly sensitive to changes in mortgage rates," said NAR Chief Economist Lawrence Yun. "Yet, at the same time, multiple offers on starter homes are quite common, implying more supply is needed to fully satisfy demand. It's a unique housing market."
Total housing inventory registered at the end of March was 980,000 units, up 1.0% from February and 5.4% from one year ago (930,000). Unsold inventory sits at a 2.6-month supply at the current sales pace, unchanged from February but up from 2.0 months in March 2022.
"Home prices continue to rise in regions where jobs are being added and housing is relatively affordable," Yun noted. "However, the more expensive areas of the country are adjusting to lower prices."
The median existing-home price for all housing types in March was $375,700, a decline of 0.9% from March 2022 ($379,300). Prices climbed slightly in three regions but dropped in the West. Read More…
