March experienced a decline in existing-home sales—the second consecutive dip, according to the National Association of REALTORS® (NAR). Year-over-year, existing-home sales increased 12.3%; however, since last month, total existing-home sales decreased 3.7% to a seasonally-adjusted annual rate of 6.01 million.
Single-family homes also decreased, by 4.3% since February, to a seasonally adjusted annual rate of 5.30 million. This is up, however, by 10.4% YoY. For condos and co-ops, existing-home sales increased 1.4% from February and increased 29.1% YoY.
By Region:
Midwest
Existing-Home Sales: 1.28 million (+0.8% YoY)
Median Price: $248,200 (+13.5% YoY)
Northeast
Existing-Home Sales: 760,000 (+16.9% YoY)
Median Price: $364,800 (+21.4% YoY)
South
Existing-Home Sales: 2.70 million (+15.6% YoY)
Median Price: $283,900 (+13.6% YoY)
West
Existing-Home Sales: 1.27 million (+15.5% YoY)
Median Price: $493,300 (+16.8% YoY)
How the Industry Is Responding:
“Consumers are facing much higher home prices, rising mortgage rates and falling affordability; however, buyers are still actively in the market. The sales for March would have been measurably higher, had there been more inventory. Days-on-market are swift, multiple offers are prevalent and buyer confidence is rising. At least half of the adult population has received a COVID-19 vaccination, according to reports, and recent housing starts and job creation data show encouraging dynamics of more supply and strong demand in the housing sector. Without an increase in supply, the society wealth division will widen with homeowners enjoying sizable equity gains while renters will struggle to become homeowners.” — Lawrence Yun, Chief Economist, National Association of REALTORS®
“NAR has made it a priority to be at the forefront of the anticipated economic revival. We will continue pushing for an increase in housing construction and inventory, with the goal of helping qualified buyers and countless families achieve the American Dream of homeownership.” — Charlie Oppler, President, National Association of REALTORS®
“Eager homebuyers sat on the sidelines in March as they waited for their perfect home during the ongoing inventory crunch. The good news is that the houses that are on the market are selling fast and returning healthy profits.” — Bill Banfield, Executive Vice President of Capital Markets, Rocket Mortgage
For more information, please visit www.nar.realtor.
