by Calculated Risk on 4/24/2025 10:00:00 AM
From the NAR: Existing-Home Sales Receded 5.9% in March
Existing-home sales descended in March, according to the National Association of REALTORS®. Sales slid in all four major U.S. regions. Year-over-year, sales dropped in the Midwest and South, increased in the West and were unchanged in the Northeast.
Total existing-home sales – completed transactions that include single-family homes, townhomes, condominiums and co-ops – fell 5.9% from February to a seasonally adjusted annual rate of 4.02 million in March. Year-over-year, sales drew back 2.4% (down from 4.12 million in March 2024).
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Total housing inventory registered at the end of March was 1.33 million units, up 8.1% from February and 19.8% from one year ago (1.11 million). Unsold inventory sits at a 4.0-month supply at the current sales pace, up from 3.5 months in February and 3.2 months in March 2024.
emphasis added
Click on graph for larger image.This graph shows existing home sales, on a Seasonally Adjusted Annual Rate (SAAR) basis since 1994.
Sales in March (4.02 million SAAR) were down 5.9% from the previous month and were 2.4% below the February 2024 sales rate. This was the 2nd consecutive month with a year–over-year decline, following four consecutive months with a year-over-year increases in sales.Â
According to the NAR, inventory increased to 1.33 million in March from 1.23 million the previous month.
The last graph shows the year-over-year (YoY) change in reported existing home inventory and months-of-supply. Since inventory is not seasonally adjusted, it really helps to look at the YoY change. Note: Months-of-supply is based on the seasonally adjusted sales and not seasonally adjusted inventory.
Inventory was up 19.8% year-over-year (blue) in March compared to March 2024.
Months of supply (red) increased to 4.0 months in March from 3.5 months the previous month.
As expected, the sales rate was below the consensus forecast. I’ll have more later.Â
