Existing-home sales were down on both a month-over-month and year-over-year basis in March, according to the National Association of Realtors’ (NAR) most recent report.
Month over month, sales declined by 3.6% from February to a seasonally adjusted annual rate of 3.98 million. On a year-over-year basis, existing-home sales fell by 1% in March.
“March home sales remained sluggish and below last year’s pace,” says NAR chief economist Lawrence Yun. “Lower consumer confidence and softer job growth continue to hold back buyers.”
Single-family home sales in March fell 3.5% month over month and 0.3% from March 2025 to a seasonally adjusted annual rate of 3.63 million. The median single-family existing-home price was $412,400 in March, up 1.3% from last year.
Total housing inventory was up 3% from February and 2.3% from March 2025, totaling 1.36 million units, which, at the current sales pace, equates to 4.1 months of supply. This figure is up from 3.8 months in February and four months in March 2025.
“Inventory remains a major constraint on the market,” states Yun. “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. That price growth has helped the typical homeowner accumulate $128,100 in housing wealth over the past six years,” he adds.
Geographically, all four regions saw a decline in total existing-home sales on a month-over-month basis, while the South and West saw increased sales on a year-over-year basis. Three of the four regions saw price increases from 2025, with the one exception being the West.
Additionally, NAR revised its 2026 housing forecast due to the upward trajectory of mortgage rates in early 2026. The organization revised its existing-home and new-home sales figures down, while its forecasted home price appreciation remains unchanged.
