Existing-home sales fell by 3.6% month-over-month in March, according to the National Association of Realtors Existing-Home Sales Report.
“March home sales remained sluggish and below last year’s pace,” said NAR Chief Economist Dr. Lawrence Yun. “Lower consumer confidence and softer job growth continue to hold back buyers.”
Released Monday, The NAR report provides the real estate ecosystem—including agents, homebuyers and sellers—with data on the level of home sales, price, and inventory.
The NAR said that month-over-month sales fell in all four regions. Year-over-year sales rose in the South and West and fell in the Northeast and Midwest.
“Inventory remains a major constraint on the market,” Yun said. “The inventory-to-sales ratio, or supply-to-demand ratio, is below historical norms. An additional 300,000 to 500,000 homes for sale would help bring the market closer to normal conditions and allow consumers to make purchase decisions without feeling rushed.”
“Because inventory remains limited, the median home price rose to a new record high for the month of March,” Yun added. “That price growth has helped the typical homeowner accumulate $128,100 in housing wealth over the past six years.”
NAR said that it also revised its 2026 housing forecast.
Because of the upward trajectory of mortgage rates, NAR said it now expects existing-home sales to increase 4% this year, down from the previous projection. It said that new-home sales are now expected to remain flat, a downward revision from the prior forecast of a 5% gain.
NAR said that the median home price forecast is unchanged, with prices still projected to rise 4% in 2026.
“Mortgage rates have been rising, and that has led us to trim our home sales outlook for the year,” said Yun. “Even with a more modest pace of sales growth, home prices continue to steadily increase due to minimal inventory growth.”
Sluggish Hiring
Bankrate Senior Economic Analyst Mark Hamrick said that sluggish hiring and a downbeat consumer sentiment are impacting the figures.
“Sales of previously owned homes slowed in March, down 3.6% on the month and 1% lower than a year earlier. The stagnant housing market is constrained by sluggish hiring and downbeat consumer sentiment. Furthermore, the full-year outlook is now less positive because of rising mortgage rates. Another negative for the market is low inventory, or a shortage of homes available for sale,” Hamrick said.
“While sales are slow, it is worth remembering that seasonally adjusted annual sales pace is just below 4 million. In other words, not zero. For those in the market to purchase a home, time-tested best practices include shopping around for the best mortgage rate,” Hamrick added.
“Amid low inventory, the National Association of Realtors reports the national median sales price rose 1.4% to a March record of $408,800 from a year ago. Among regions, only the West saw a median price decline,” Hamrick said. “Aligned with the national sales trajectory, all four regions, the Northeast, South, Midwest, and West saw month over month sales declines.”
Hamrick added: “Because of the 30-60 days required for a home sale to close, the monthly sales decline doesn’t fully reflect the recent surge in mortgage rates.”
National Snapshot
Total Existing-Home Sales for March
- 3.6% decrease in existing-home sales1 month-over-month to a seasonally adjusted annual rate of 3.98 million.
- 1.0% decrease in sales year-over-year.
Inventory in March
- 1.36 million units: Total housing inventory2, up 3.0% from February and 2.3% from March 2025.
- 4.1-month supply of unsold inventory, up from 3.8 months last month and up from 4.0 months one year ago.
Median Sales Price in March
$408,800: Median existing-home price3 for all housing types, up 1.4% from one year ago ($403,100)—the 33rd consecutive month of year-over-year price increases.
Housing Affordability in March
The Housing Affordability Index fell slightly to 113.7 in March, down from 117.5 in February and up from 104.2 a year ago.
Year-over-year, affordability improved across all regions.
- Northeast +4.1%
- Midwest +5.3%
- South +10.0%
- West +12.7%
Single-Family and Condo/Co-op Sales
Single-Family Homes in March
- 3.5% decrease in sales month-over-month to a seasonally adjusted annual rate of 3.63 million, down 0.3% from March 2025.
- $412,400: Median home price, up 1.3% from last year.
Condominiums and Co-ops in March
- 5.4% decrease in sales month-over-month to a seasonally adjusted annual rate of 350,000, down 7.9% from last year.
- $371,500: Median price, up 2.3% from March 2025.
Regional Snapshot for Existing-Home Sales in March
Northeast
- 8.5% decrease in sales month-over-month to an annual rate of 430,000, down 12.2% year-over-year.
- $494,500: Median price, up 5.7% from March 2025.
Midwest
- 4.2% decrease in sales month-over-month to an annual rate of 920,000, down 3.2% year-over-year.
- $315,500: Median price, up 4.9% from March 2025.
South
- 3.1% decrease in sales month-over-month to an annual rate of 1.86 million, up 2.2% year-over-year.
- $362,600: Median price, up 0.8% from March 2025.
West
- 1.3% decrease in sales month-over-month to an annual rate of 770,000, up 1.3% year-over-year.
- $613,400: Median price, down 1.3% from March 2025.
Realtors Confidence Index for March
- 41 days: Median time on market for properties, down from 47 days last month and up from 36 days in March 2025.
- 32% of sales were first-time homebuyers, down from 34% in February and unchanged from one year ago.
- 27% of transactions were cash sales, down from 31% a month ago and up slightly from 26% in March 2025.
- 18% of transactions were individual investors or second-home buyers, up from 16% last month and 15% one year ago.
- 2% of sales were distressed sales4 (foreclosures and short sales), down from 3% last month and March 2025.
Mortgage Rates
6.18%: The average 30-year fixed-rate mortgage in March, according to Freddie Mac, up from 6.05% in February and down from 6.65% one year ago.
