Existing-home sales in the United States declined 2.4% month on month in March to a seasonally adjusted annual rate of 4.44 million, the National Association of Realtors (NAR) said in its report released on Thursday. On a yearly basis, the sales dropped by 22%.
The median existing-home price for all housing types dipped by 0.9% annually to $375,700 in March. Total housing inventory at the end of March stood at 980,000 units, rising 1% in comparison to the month before, and jumping 5.4% from March 2022.
"Home sales are trying to recover and are highly sensitive to changes in mortgage rates," NAR Chief Economist Lawrence Yun said, adding that he expects the Federal Reserve to "loosen" monetary policy over the next 12 months, allowing home sales to gradually rebound.
