"Existing home sales fell 3.6% month-over-month in March to a seasonally adjusted annual rate of 3.98 million, representing the slowest pace of March home sales since 2009."
"Inventory rose 3.0% from a month prior, finishing March with 1.36 million units for sale, representing a 4.1 months' supply at the current sales pace."
"The median existing home sales price increased by 1.4% to $408,800 in March, marking the 33rd consecutive month of annual price increases."
"The share of first-time homebuyers declined two percentage points to 32% in March, while the share of all cash transactions fell from 31% to 27%."
Existing home sales decreased by 3.6% in March, reaching an annual rate of 3.98 million, the slowest since 2009. Year-over-year, sales declined by 1.0%. Inventory rose by 3.0% to 1.36 million units, indicating a 4.1 months' supply. The inventory-to-sales ratio remains below historical norms, with a need for 300,000 to 500,000 additional homes. The median home price increased by 1.4% to $408,800, continuing a 33-month trend. The median time on market decreased to 41 days, while first-time homebuyers' share fell to 32%.
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