U.S. Market: Existing-Home Sales Slip 5.9% in March

 WASHINGTON — Existing-home sales descended in March, according to the National Association of Realtors®. Sales slid in all four major U.S. regions. Year-over-year, sales dropped in the Midwest and South, increased in the West and were unchanged in the Northeast.

Total existing-home sales – completed transactions that include single-family homes, townhomes, condominiums and co-ops – fell 5.9% from February to a seasonally adjusted annual rate of 4.02 million in March. Year-over-year, sales drew back 2.4% (down from 4.12 million in March 2024).

"Home buying and selling remained sluggish in March due to the affordability challenges associated with high mortgage rates," said NAR Chief Economist Lawrence Yun. "Residential housing mobility, currently at historical lows, signals the troublesome possibility of less economic mobility for society."

Total housing inventory registered at the end of March was 1.33 million units, up 8.1% from February and 19.8% from one year ago (1.11 million). Unsold inventory sits at a 4.0-month supply at the current sales pace, up from 3.5 months in February and 3.2 months in March 2024.

The median existing home price for all housing types in March was $403,700, up 2.7% from one year ago ($392,900). All four U.S. regions registered price increases.

"In a stark contrast to the stock and bond markets, household wealth in residential real estate continues to reach new heights," Yun said. "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. With real estate asset valuation at $52 trillion, according to the Federal Reserve Flow of Funds, each percentage point gain in home prices adds more than $500 billion to the household balance sheet."

Realtors® Confidence Index

According to the monthly Realtors® Confidence Index, properties typically remained on the market for 36 days in March, down from 42 days in February but up from 33 days in March 2024.

First-time buyers were responsible for 32% of sales in March, up from 31% in February 2025 and identical to March 2024. NAR's 2024 Profile of Home Buyers and Sellers – released November 20244 – found that the annual share of first-time buyers was 24%, the lowest ever recorded.

Cash sales accounted for 26% of transactions in March, down from 32% in February and 28% in March 2024.

Individual investors or second-home buyers, who make up many cash sales, purchased 15% of homes in March, down from 16% in February and unchanged from March 2024.

Distressed sales – foreclosures and short sales – represented 3% of sales in March, unchanged from February and up from 2% the prior year.

Mortgage rates

According to Freddie Mac, the 30-year fixed-rate mortgage averaged 6.83% as of April 17. That's up from 6.62% one week before but down from 7.1% one year ago.

Single-family and condo/co-op sales

Single-family home sales retreated 6.4% to a seasonally adjusted annual rate of 3.64 million in March, down 2.2% from the previous year. The median existing single-family home price was $408,000 in March, up 2.9% from March 2024.

Existing condominium and co-op sales were unchanged in March at a seasonally adjusted annual rate of 380,000 units, down 5.0% from one year ago. The median existing condo price was $363,000 in March, up 1.5% from the prior year ($357,700).

Regional breakdown

In March, existing-home sales in the Northeast declined 2.0% from February to an annual rate of 490,000, identical to March 2024. The median price in the Northeast was $468,000, up 7.7% from one year earlier.

In the Midwest, existing-home sales waned 5.0% in March to an annual rate of 950,000, down 3.1% from the previous year. The median price in the Midwest was $302,100, up 3.5% from March 2024.

Existing home sales in the South contracted 5.7% from February to an annual rate of 1.81 million in March, down 4.2% from one year before. The median price in the South was $360,400, up 0.6% from last year.

In the West, existing-home sales plunged 9.4% in March to an annual rate of 770,000, up 1.3% from a year ago. The median price in the West was $621,200, up 2.6% from March 2024.

© 2024 National Association of Realtors® (NAR)

Florida’s Housing Market: New Listings, Supply Up

 By Marla Martin

ORLANDO, Fla. — Florida’s housing market in March and the first quarter (1Q) of 2025 reported more new listings, increased for-sale inventory (active listings) and easing median prices compared to a year ago, according to Florida Realtors®’ latest housing data.

“After years of incredibly low inventory and ever-increasing home prices across Florida, we are experiencing a normalization of the real estate market in our state,” said 2025 Florida Realtors President Tim Weisheyer, broker-owner, Dream Builders Realty and dbrCommercial Real Estate Services in Central Florida. “This is great news for homebuyers that have been sitting on the sidelines as increased for-sale inventory and the easing of median prices brings more opportunities in Florida’s housing market.

“Buying a home is always a long-term decision that requires expert guidance to navigate the process and understand the nuances of local market dynamics; a Realtor® will put their knowledge of local market conditions and expertise to work to help consumers find the best opportunities to achieve their version of the American dream.”

Last month, closed sales of existing single-family homes statewide totaled 23,128, down 1.3% year-over-year, while existing condo-townhouse sales totaled 8,414, down 9.8% over March 2024. Closed sales may occur from 30- to 90-plus days after sales contracts are written.

Florida Realtors Chief Economist Dr. Brad O’Connor said “While closed sales of Florida single-family homes were down year-over-year for the second consecutive month in March, it was only by 1.3%. That’s a big improvement over February’s more than 7% decline. What’s more, the number of single-family homes that went under contract in March was actually up year-over-year by over a half of a percent.”

He cited mortgage rates as an influencing factor: “One reason for this is likely that we had the average 30-year fixed mortgage rate hovering at around 6.75% for most of March, in stark contrast to January and February when it was largely north of 7%. That bodes well for closed sales in April, but this boost is going to be short-lived, as mortgage rates have since returned to those 7% levels.

“Demand remains relatively weaker over in the condo and townhouse property type category,” O’Connor said. “Closed sales in this category were down 9.8% compared to a year ago in March.”

For 1Q 2025, statewide existing single-family home sales totaled 56,209, down 1.9% from 1Q 2024, while statewide existing condo-townhouse sales totaled 20,704, down 9.2% from the same quarter a year ago.

The statewide median sales price for single-family existing homes in March was $412,500, down 1.9% from the previous year, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations. Last month’s statewide median price for condo-townhouse units was $315,000, down 4.5% over the year-ago figure. The median is the midpoint; half the homes sold for more, half for less.

For 1Q 2025, the statewide median price for single-family homes was $414,555, only slightly down (0.1%) year-over-year; the statewide median price for condo-townhouse properties was $315,000, down 3.2% from the same quarter a year earlier.

On the supply side of the market, new listings for existing single-family homes were up 10.8% last month compared to March 2024 and up 9.6% for 1Q 2025 compared to a year earlier. New listings for condo-townhouse units in March were up 5.8% year-over-year, and up 4.1% in the 1Q compared to 1Q 2024.

Inventory (active listings) for both property categories rose in March as well as for 1Q 2025. Single-family existing homes were at a 5.5-months’ supply while condo-townhouse properties were at a 10.1-months’ supply for both timeframes.

© 2025 Florida Realtors®