TAMPA, Fla. — Existing-home sales dropped 2.4% in March as a slowing economy and higher interest rates from the Federal Reserve took a toll on the real estate market.
In a new survey released Thursday, the National Association of Realtors said existing home sales declined year-over-year by 22 percent. That translates to a drop from 5.69 million home sales in March 2022 to 4.44 million home sales in March 2023.
"Home prices continue to rise in regions where jobs are being added and housing is relatively affordable," NAR Chief Economist Lawrence Yun noted. "However, the more expensive areas of the country are adjusting to lower prices."
Overall, the median existing-home price for all housing types in March was $375,700, down nearly 1% from the same time last year. Still, prices climbed in all regions but the West.
Properties that were for sale typically remained on the market for 29 days in March, down from 34 in February but up from just 17 in March 2022. The NAR said 65% of homes sold in March were on the market for less than a month.
In the South, existing-home sales dropped one percent from February to March. Looking at the numbers year-over-year, prices in the South saw a 20.4% decline. Still, the median home price in the South was slightly higher in 2023, landing at $347,600.
