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Existing-Home Sales · Housing Market · Mortgage Rates · Real Estate
The National Association of Realtors reports existing-home sales decreased 3.6% month-over-month in March and 1% year-over-year, driven by lower consumer confidence, softer job growth, and rising mortgage rates.
The decline impacted all four regions month-over-month, though year-over-year sales increased in the South and West while falling in the Northeast and Midwest. NAR Chief Economist Dr.
Lawrence Yun emphasized that inventory remains a significant constraint, with the supply-to-demand ratio below historical norms, requiring an additional 300,000 to 500,000 homes to normalize the market. Despite sluggish sales, the median home price reached a new record high for March due to limited inventory, contributing to a $128,100 increase in housing wealth for the typical homeowner over the past six years.
Consequently, NAR revised its 2026 housing forecast, now expecting existing-home sales to increase 4% (down from previous projections) and new-home sales to remain flat (down from a 5% gain), while the median home price forecast holds steady at a 4% rise.
