Sales were more than 3% lower than in February
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Existing-home sales fell 3.6% in March to a seasonally adjusted annual rate of 3.98 million units, marking the slowest pace in months.
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Sales were 1% lower than a year ago, reflecting ongoing weakness in the housing market.
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Economists point to low consumer confidence, elevated mortgage rates and limited inventory as key factors restraining buyers.
The spring housing market is off to a lackluster start. Sales of existing homes declined in March, underscoring continued weakness in the housing market as affordability challenges and economic uncertainty keep buyers on the sidelines.
The timing of the Iran war, with a resulting surge in gasoline prices, likely didnt help.
According to the National Association of Realtors (NAR), sales of previously owned homes dropped 3.6% from February to a seasonally adjusted annual rate of 3.98 million units. The figure represents the slowest pace in roughly nine months and fell short of economists expectations.
The March decline reversed a modest rebound seen in February and suggests the spring homebuying season may be a disappointment for sellers.
On a year-over-year basis, existing-home sales slipped 1%, extending a multi-year trend of subdued activity in the housing sector.
Economic pressure
NAR Chief Economist Lawrence Yun attributed the slowdown to growing economic pressures weighing on potential buyers.
March home sales remained sluggish and below last years pace, Yun said, citing weaker job growth and declining consumer confidence as key headwinds.
Mortgage rates, which briefly eased earlier in the year, have moved higher again, further straining affordability. Combined with still-limited housing inventory, these factors continue to push prices upward even as sales soften.
Prices continue to rise
Despite the slowdown in transactions, home prices remain elevated. The national median existing-home price rose modestly from a year earlier, reflecting ongoing supply constraints and a lack of available homes for sale.
Inventory has improved slightly but remains well below pre-pandemic levels, limiting options for buyers and contributing to persistent affordability challenges, particularly for first-time purchasers.
Looking ahead, NAR has tempered its outlook for the housing market, citing continued economic uncertainty and interest rate pressures. While some improvement in inventory could support sales later in the year, the near-term outlook suggests a slow and uneven recovery.
Posted: 2026-04-14 11:58:16

















