According to the latest report from the National Association of Realtors, U.S. home sales in March have dropped to their slowest pace since 2009.
The NAR stated that home sales fell 2.4% compared to March 2024, with the slowest sales rate occurring in the West of the country, where the rate has dropped by more than 9%.
In March, first-time buyers represented 32% of the market, consistent with March 2024.
Chief Economist, Lawrence Yun of NAR stated “Home buying and selling remained sluggish in March due to the affordability challenges associated with high mortgage rates. Residential housing mobility, currently at historical lows, signals the troublesome possibility of less economic mobility for society.”
The NAR reported that sales have dropped despite a sharp increase in available listings. By the end of March, the U.S. had 1.33 million units available for sale, marking a nearly 20% rise compared to March 2024.
According to Yun, canceled contracts increased in March and are anticipated to keep rising in April.
By CEO NA Editorial Staff
