Existing-Home Sales in March 2025 Fell 5.9%

Source: NAR

NAR released a summary of existing-home sales data showing that housing market activity this March declined 5.9% from February 2025. March home sales reached a 4.02 million seasonally adjusted annual rate. March 2025 sales of existing homes fell 2.4% from March 2024.

U.S. Existing-Home Sales graph from NAR

The national median existing-home price for all housing types reached $403,700 in March, up 2.7% from a year ago.

Median Sales Price Existing-Home Sales graph from NAR

In March, all four U.S. regions saw year-over-year home price gains: Northeast led with 7.7%, Midwest rose 3.5%, West increased 2.6%, and South grew modestly by 0.6%. Inventory of unsold homes rose 8.1% from February to 1.33 million, up 19.8% from March 2024. At the current sales pace, it would take 4.0 months to sell the inventory, below the balanced market benchmark of 6 months. Homes took about 36 days from listing to contract, slightly longer than 33 days a year ago.

Compared to a year ago, home sales fell in the South (-4.2%) and Midwest (-3.1%), were flat in the Northeast, and rose 1.3% in the West. Month-over-month, all regions saw sales declines, with the West dropping the most (-9.4%), followed by the South (-5.7%), Midwest (-5.0%), and Northeast (-2.0%). The South accounted for 45% of national sales, while the Northeast had the smallest share at 12.2%

In March, single-family sales decreased 6.4% and condominium sales were flat compared to last month. Single-family home sales were down 2.2% while condominium sales were down 5.0% compared to a year ago. The median sales price of single-family homes rose by 2.9% to $408,000 from March 2024, while the median sales price of condominiums increased 1.5% to $363,000.

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