NAR launched a abstract of existing-home gross sales information exhibiting that housing market exercise declined 4.3% this March from February 2024. March’s existing-home gross sales reached a 4.19 million seasonally adjusted annual charge, down 3.7% from March 2023.
The nationwide median existing-home worth for all housing varieties reached $393,500 in March, up 4.8% from the identical month a yr earlier.
Regionally, in March, all 4 areas confirmed worth progress from a yr in the past. The Northeast had the most important acquire, 9.9%, adopted by the Midwest, which elevated by 7.5%. The West elevated by 6.7%, whereas the South area rose by 3.4%.
March’s stock of unsold listings as of the top of the month was up 4.7% from final month, standing at 1,110,000 properties on the market. In contrast with March of 2023, stock ranges have been up 14.4%. It’ll take 3.2 months to maneuver the present stock degree on the present gross sales tempo, effectively under the specified tempo of 6 months. Demand is at present outpacing stock.
It takes roughly 33 days for a house to go from itemizing to a contract within the present housing market. A yr in the past, it took 29 days.
Gross sales in all 4 areas declined in March in comparison with a yr in the past. The South had the most important drop, 5.0%, adopted by the Northeast, which fell 3.8%. The West dipped 3.7%, adopted by the Midwest, which had the smallest lower, 1.0%.
In comparison with February 2024, one of many 4 areas confirmed a rise in gross sales. The Northeast area had the one improve of 4.2%. The West had the largest decline, 8.2%, adopted by the South, with a lower of 5.9%. The Midwest area had the smallest drop in gross sales, 1.9%.
The South led all areas in proportion of nationwide gross sales, accounting for 45.3% of the full, whereas the Northeast had the smallest share at 11.9%.
In March, single-family gross sales decreased 4.3%, and condominium gross sales have been down 4.9% in comparison with final month. In comparison with this time final yr, single-family residence gross sales have been down 2.8%, whereas condominium gross sales fell 11.4%. The median gross sales worth of single-family properties rose 4.7% to $397,200 from March 2023, whereas the median gross sales worth of condominiums elevated 5.8% to $337,900.
