March existing home sales hit slowest pace since 2009. Here’s why.
Existing home sales in the US fell by 3.6% month-over-month and 1% year-over-year to 3.98 million in March, the slowest pace since 2009. The median home price rose to a new record high of $408,800 nationally.
Existing home sales in the US declined in March, falling 3.6% month-over-month and 1% year-over-year to 3.98 million nationally, according to the National Association of Realtors. This marks the slowest pace of March home sales since 2009. Regionally, the Northeast had the lowest percentage of existing home sales at 11%, while the South recorded the highest at 47%. Pending home sales increased 1.5% month-over-month but declined 1.1% year-over-year. The median home price reached a new record high of $408,800 nationally. The market's large inventory shortage and the 'lock-in effect' are contributing to the stagnation, with homeowners having low mortgage rates being less likely to sell their homes.
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