Homes in the United States are now selling at their slowest pace in six years, with the typical property under contract in March taking 47 days to sell, according to data released Thursday by Redfin.
The figure represents nearly twice as long as during the pandemic boom, as elevated prices, economic uncertainty, and surging supply weigh on the housing market.
Only 27% of buyers paid over asking last month, the lowest March rate since 2020. The median sale price rose 2.5% year over year to $431,057, but that marks the slowest growth in 18 months. Redfin Senior Economist Elijah de la Campa cited "tariff fears and widespread economic uncertainty" as key buyer deterrents.
