March 2025
U.S. existing-home sales rebounded from the previous month, rising 4.2% to a
seasonally adjusted annual rate of 4.26 million units, according to the National
Association of REALTORS® (NAR). Economists polled by Reuters had forecast
sales would fall to a rate of 3.95 million for the month. Purchase activity increased in
the South and the West but decreased in the Northeast, while sales in the Midwest
remained unchanged from one month earlier.
New Listings were up 11.3 percent to 1,710. Pending Sales increased 11.6 percent
to 1,433. Inventory grew 27.1 percent to 2,869 units.
Prices moved lower as Median Sales Price was down 0.5 percent to $270,000. Days
on Market increased 7.5 percent to 57 days. Months Supply of Inventory was up
23.8 percent to 2.6 months, indicating that supply increased relative to demand.
Heading into March there were 1.24 million properties for sale, a 5.1% increase from
the previous month and a 17% jump from one year ago, for a 3.5-month supply at
the current sales pace, according to NAR. While mortgage rates have remained in
the mid-to-high 6% range, the additional supply appears to have helped bring some
buyers out of the woodwork, even as sales prices continue to rise nationwide.
Information courtesy of CMLS*
