Existing home sales during March were down by 3.6% from February to a seasonally adjusted annual rate of 3.98 million, according to data from the National Association of Realtors (NAR). On a year-over-year measurement, sales were down by 1%.
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.
The median existing home sales price of $408,800 marked a 1.4% increase from March 2025.
“March home sales remained sluggish and below last year’s pace,” said NAR Chief Economist Lawrence Yun. “Lower consumer confidence and softer job growth continue to hold back buyers. Inventory remains a major constraint on the market. 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 also revised its 2026 housing forecast. Due to the upward trajectory of mortgage rates, NAR now expects sales to increase 4% this year, down from the previous projection. New home sales are now expected to remain flat, a downward revision from the prior forecast of a 5% gain. The median home price forecast remains unchanged, with prices still projected to rise 4% in 2026.
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