Total existing home sales fell 2.4% in March to a seasonally adjusted annual rate of 4.44 million. On a year-over-year basis, sales were 22% lower than a year ago, but easing inflation and slowing rent growth could lead to an uptick in existing home sales in the months ahead.
March unsold inventory currently sits at a 2.6-months’ supply, unchanged from last month, but year-over-year, all four regions are seeing declining sales data, the National Association of Home Builders' Eye on Housing reports.
Homes stayed on the market for an average of 29 days in March, down from 34 days in February but up from 17 days in March 2022. In March, 65% of homes sold were on the market for less than a month.
The March all-cash sales share was 27% of transactions, down from 28% last month and a year ago. All-cash buyers are less affected by changes in interest rates.
Geographically, sales in three regions dropped in March, ranging from 1.0% in the South to 5.5% in the Midwest. Sales in the Northeast remained unchanged in March. On a year-over-year basis, all four regions continued to see a double-digit decline in sales, ranging from 17.6% in the Midwest to 30.5% in the West.