Existing-home sales decreased by 3.6% month over month in March, according to the National Association of REALTORS® (NAR) Existing-Home Sales Report, which 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 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.”
The average for a 30-year fixed-rate mortgage was 6.18% in March, according to Freddie Mac, up from 6.05% in February and down from 6.65% one year ago.
National snapshot for March
Total existing-home sales
- 3.6% decrease month over month to a seasonally adjusted annual rate of 3.98 million.
- 1.0% decrease year over year.
Inventory
- 1.36 million units (total housing inventory), up 3.0% from February and 2.3% from March 2025.
- 4.1-months’ supply of unsold inventory, up from 3.8 months last month and up from 4.0 months one year ago.
Median sales price
- $408,800 (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
- 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
- 3.5% decrease month over month to a seasonally adjusted annual rate of 3.63 million, down 0.3% from March 2025.
- Median home price: $412,400, up 1.3% from last year.
Condominiums and co-ops
- 5.4% decrease month over month to a seasonally adjusted annual rate of 350,000, down 7.9% from last year.
- Median price: $371,500, up 2.3% from March 2025.
Regional Snapshot for March
Northeast
- 8.5% decrease in sales month over month to an annual rate of 430,000, down 12.2% year over year.
- Median price: $494,500, 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.
- Median price: $315,500, 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.
- Median price: $362,600, 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.
- Median price: $613,400, down 1.3% from March 2025.
REALTORS® Confidence Index for March
- Median time on market: 41 days, down from 47 days last month and up from 36 days in March 2025.
- First-time homebuyers: 32% of sales, down from 34% in February and unchanged from one year ago.
- Cash sales: 27% of transactions, down from 31% a month ago and up slightly from 26% in March 2025.
- Individual investors or second-home buyers: 18% of transactions, up from 16% last month and 15% one year ago.
- Distressed sales (foreclosures and short sales): 2% of sales, down from 3% last month and March 2025.
About the National Association of REALTORS®
The National Association of REALTORS® (NAR) is involved in all aspects of residential and commercial real estate. The term REALTOR® is a registered collective membership mark that identifies a real estate professional who is a member of the National Association of REALTORS® and subscribes to its strict Code of Ethics. For free consumer guides about navigating the homebuying and selling transaction processes—from written buyer agreements to negotiating compensation—visit facts.realtor.
