National Existing-Home Sales Down 3.6% in March

WASHINGTON — Existing-home sales decreased by 3.6% month-over-month in March, according to the National Association of Realtors® Existing-Home Sales Report. The report provides the real estate ecosystem – including agents, homebuyers and sellers – with data on the level of home sales, price, and inventory.

“March home sales remained sluggish and below last year’s pace,” said NAR Chief Economist Dr. Lawrence Yun. “Lower consumer confidence and softer job growth continue to hold back buyers.”

Month-over-month sales fell in all four regions. Year-over-year sales rose in the South and West and fell in the Northeast and Midwest.

“Inventory remains a major constraint on the market,” Yun said. “The inventory-to-sales ratio, or supply-to-demand ratio, is below historical norms. An additional 300,000 to 500,000 homes for sale would help bring the market closer to normal conditions and allow consumers to make purchase decisions without feeling rushed.”

“Because inventory remains limited, the median home price rose to a new record high for the month of March,” Yun added. “That price growth has helped the typical homeowner accumulate $128,100 in housing wealth over the past six years.”

NAR also revised its 2026 housing forecast. Due to the upward trajectory of mortgage rates, NAR now expects existing-home sales to increase 4% this year, down from the previous projection. New-home sales are now expected to remain flat, a downward revision from the prior forecast of a 5% gain. The median home price forecast remains unchanged, with prices still projected to rise 4% in 2026.

“Mortgage rates have been rising, and that has led us to trim our home sales outlook for the year,” said Yun. “Even with a more modest pace of sales growth, home prices continue to steadily increase due to minimal inventory growth.”

National snapshot

Total existing-home sales for March

• 3.6% decrease in existing-home sales month-over-month to a seasonally adjusted annual rate of 3.98 million.
• 1.0% decrease in sales year-over-year.

Inventory in March

• 1.36 million units: Total housing inventory, up 3.0% from February and 2.3% from March 2025.
• 4.1-month supply of unsold inventory, up from 3.8 months last month and up from 4.0 months one year ago.

Median sales price in March

• $408,800: Median existing-home price3 for all housing types, up 1.4% from one year ago ($403,100) – the 33rd consecutive month of year-over-year price increases.

Housing affordability in March

• The Housing Affordability Index fell slightly to 113.7 in March, down from 117.5 in February and up from 104.2 a year ago.
• Year-over-year, affordability improved across all regions.
  • Northeast +4.1%
  • Midwest +5.3%
  • South +10.0%
  • West +12.7%

Single-family and condo/co-op sales

Single-family homes in March

• 3.5% decrease in sales month-over-month to a seasonally adjusted annual rate of 3.63 million, down 0.3% from March 2025.
• $412,400: Median home price, up 1.3% from last year.

Condominiums and co-ops in March

• 5.4% decrease in sales month-over-month to a seasonally adjusted annual rate of 350,000, down 7.9% from last year.
• $371,500: Median price, up 2.3% from March 2025.

Regional snapshot for existing-home sales in March

Northeast

• 8.5% decrease in sales month-over-month to an annual rate of 430,000, down 12.2% year-over-year.
• $494,500: Median price, up 5.7% from March 2025.

Midwest

• 4.2% decrease in sales month-over-month to an annual rate of 920,000, down 3.2% year-over-year.
• $315,500: Median price, up 4.9% from March 2025.

South

• 3.1% decrease in sales month-over-month to an annual rate of 1.86 million, up 2.2% year-over-year.
• $362,600: Median price, up 0.8% from March 2025.

West

• 1.3% decrease in sales month-over-month to an annual rate of 770,000, up 1.3% year-over-year.
• $613,400: Median price, down 1.3% from March 2025.

Realtor® Confidence Index for March

• 41 days: Median time on market for properties, down from 47 days last month and up from 36 days in March 2025.
• 32% of sales were first-time homebuyers, down from 34% in February and unchanged from one year ago.
• 27% of transactions were cash sales, down from 31% a month ago and up slightly from 26% in March 2025.
• 18% of transactions were individual investors or second-home buyers, up from 16% last month and 15% one year ago.
• 2% of sales were distressed sales4 (foreclosures and short sales), down from 3% last month and March 2025.

Mortgage rates

• 6.18%: The average 30-year fixed-rate mortgage in March, according to Freddie Mac, up from 6.05% in February and down from 6.65% one year ago.

© 2026 National Association of Realtors® (NAR)