What did existing home sales look like in March?
More homes were on the market for potential buyers to choose from in March, even as sales of existing homes slowed heading into the spring buying season the National Association of Realtors (NAR) said in a report released today.
Existing home sales, which the NAR defines as completed transactions for properties that include single-family homes, townhomes, condominiums and co-ops, increased in some regions even from January.
"Home buying and selling remained sluggish in March due to the affordability challenges associated with high mortgage rates," NAR Chief Economist Lawrence Yun said in the report.
Total homes for sale at the end of March was 1.33 million units, up 8.1% from February and 19.8% from one year ago, the NAR report said, a sign that buyers will have more selection as we lean into the traditional spring homebuying season. More to choose from could also mean a drop in prices for buyers as well, as sellers face more competition.
Despite a slip in sales, the NAR had some positive news for homeowners as well as potential buyers.
"In a stark contrast to the stock and bond markets, household wealth in residential real estate continues to reach new heights," Yun added in the NAR report. "With mortgage delinquencies at near-historical lows, the housing market is on solid footing. A small deceleration in home price gains, which was slightly below wage-growth increases in March, would be a welcome improvement for affordability.”
Which regions showed changes in pending home sales?
The four regions the NAR tracks in the U.S. showed decreases in sales of existing homes in March, the NAR said.
- The Northeast experienced a 2% decline in existing home sales from last month.
- In the Midwest, existing home sales slipped 5% from February.
- Completed transactions in the South edged lower by 5.7% vs. the previous month.
- Sales of existing homes in the West dropped 9.4% since February.
Spring often signals a start to the annual homebuying season for existing home sales, and sales could pick up as mortgage interest rates decline and the weather warms up even more as spring turns to summer.
Did mortgage rates show any change?
According to data from Freddie Mac, the 30-year fixed rate mortgage averaged 6.83% as of April 17*. That’s up from 6.62% one week ago but down from 7.1% one year ago.
Continued cooling of mortgage rates will likely be a welcome sign to prospective homebuyers. A decrease in mortgage rates could also signal a continuing thaw in the housing market as we push further into the spring homebuying season.
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*National average rates from Freddie Mac as of 4/17/25 are not advertised rates from OriginPoint.
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