Existing-Home Sales Receded 5.9% in March 2025

U.S. existing-home sales declined by 5.9% from February 2025, reaching a seasonally adjusted annual rate of 4.02 million units, according to the National Association of REALTORS®.

This marks the slowest March sales pace since 2009, driven by rising mortgage rates, which averaged 6.83% in mid-April, and persistently high home prices.

The median existing-home price climbed to $403,700, representing a 2.7% year-over-year increase — the 21st consecutive month of annual price gains.

Housing inventory rose 8.1% from the previous month to 1.33 million unsold homes, but affordability challenges continue to deter many prospective buyers.

First-time buyers made up just 32% of sales, below the 40% benchmark considered healthy for the housing market. Homes also stayed on the market longer, averaging 36 days compared to 33 days a year earlier.

Sales fell across all U.S. regions, with the West experiencing the largest decline at 9.4%.

Interestingly, sales of homes priced at over $1 million increased by 14% year-over-year, while sales of homes between $100,000 and $250,000 fell by 4%.

“The housing market remains challenged by higher mortgage rates and affordability constraints, causing a slowdown in buyer activity,” said Lawrence Yun, Chief Economist at NAR.

View the full report at the National Association of REALTORS®

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