US existing-home sales fell 3.6% in March to a seasonally adjusted annual rate of 3.98 million, as higher mortgage rates and weak buyer confidence weighed on demand. Sales declined month-over-month across all regions, according to the National Association of REALTORS.
Inventory rose 3% to 1.36 million homes, improving supply to 4.1 months, but still below normal levels and not enough to ease tight market conditions. The median home price increased 1.4% year-over-year to a record March level of $408,800, marking continued price growth despite slower sales.
Affordability remained constrained as mortgage rates rose to 6.18%, contributing to slower transaction activity and longer-term market softness even as supply slowly improves.
