Existing-home sales declined 3.6% month-over-month in March to a seasonally adjusted annual rate of 3.98 million units, the National Association of Realtors reported on Monday. Sales also fell 1% from a year earlier, signaling continued softness in the housing market.
“March home sales remained sluggish and below last year’s pace,” said NAR Chief Economist Dr. Lawrence Yun. “Lower consumer confidence and softer job growth continue to hold back buyers.”
Inventory Rises, But Remains Tight
Total housing inventory increased 3.0% from February to 1.36 million units, representing a 4.1-month supply. Despite the uptick, Yun said inventory remains below historical norms, estimating that an additional 300,000 to 500,000 homes are needed to normalize conditions.
Limited supply continued to support prices. The median existing-home price rose 1.4% year-over-year to …
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