Existing Home Sales In March See Largest Decline In A Year

April 18, 2024

There’s so many mixed signals now in the market that for many people, it’s just too much. I think they’re just sitting it out.

Chief economist at CoreLogic, Selma Hepp, discussing new data on U.S. existing home sales in March. The monthly decrease from February to March featured the sharpest month-to-month decline in more than a year” (The WSJ).

Why It Matters: U.S. existing home sales account for the largest portion of the U.S. housing market. Thursday’s data from National Association of Realtors (NAR) shows that existing home sales reversed, as previously owned homes sold 4.3% less than in February and 3.7% less compared to March 2023. The data comes amid what is typically the year’s busiest time for home sales, indicating buyers’ uncertainty about whether right now makes sense to buy. Also part of the conversation? When the Federal Reserve will begin lowering interest rates. It had previously been expected to happen this summer, but recent inflation data has lowered these hopes.

Read More: Home Sales in March Had Biggest Decline in 16 Months (The Wall Street Journal)

NAR Report

by Emily Hooker, based in Texas