- Sales of existing homes fell 2.4% to 4.44 million annualized units in March from the prior month.
- Total housing inventory in March rose 1.0% to 980,000 units.
- Sales of existing homes were down on a year-over-year basis in each of the four major U.S. regions.
Sales of existing homes fell 2.4% in March to 4.44 million annualized units after a surprise increase in February, according to the National Association of Realtors. This means 4.44 million units would be sold in 2023 if sales were at the same pace as they were in March. Sales fell on the month in the Midwest, South, and West while sales while flat in the Northeast. Sales were down on a year-over-year basis in each of the four major regions for the thirteenth straight month.
The median existing-home price for all housing types fell 0.9% in March from the previous year to $375,700. The median existing single-family home price was $380,000, down 1.4% from March 2022. The median existing condo price was $337,300 in March, an annual increase of 2.1%. The months’ supply of existing homes for sale was 2.6 months in March, unchanged from February, and up from 2.0 months in March 2022. Properties typically remained on the market for 29 days in March, down from 34 days in February but up from 17 days in March 2022.
Existing-home sales fell in March after a surprise increase in February. Economic activity will likely slow significantly this year as interest rates increase and financial conditions tighten further. PNC forecasts a recession in the second half of 2023 as the drag from higher interest rates weighs on economic activity, with further deterioration in the housing market.
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