US Existing Home Sales fell 4.5% year-over-year to a SAAR (seasonally adjusted annualized rate) of 5.77 million, down from March 2021’s 6.04M.
Home prices hit more historic highs and rising interest rates also hindered more movement in the housing market. The National Association of Realtors (NAR) reports that homes stayed on the market just 17 days during March. The month also marked the 121st consecutive month of YoY existing home median price increases. Current housing inventory sits at 2.0 months, down from previous year’s 2.1 months, and a far cry from healthier historical averages.
Housing inventory could remain a challenge for the duration of 2022, as house prices surge upward, inflation hits 40-year highs, and interest rates climb further. 87% of homes sold in March were on the market for less than one month.
Existing home sales numbers for MARCH 2022:
- EHS -4.5% YoY, vs March 2021
- March SAAR: 5.77M units (vs 6.04M)
- Median Price: $375,300 (+15% YoY)
- 121st consecutive month of YoY price increases
- Unsold Inventory: 2.0 months (down from 2.1 YoY)
- Homes sold <1 month: 87%
- First-time buyers: 30% (down 2 points YoY)
- Velocity: 17 days (down 1 day)
NAR’s chief economist, Lawrence Yun:
“The housing market is starting to feel the impact of sharply rising mortgage rates and higher inflation taking a hit on purchasing power. Still, homes are selling rapidly, and home price gains remain in the double-digits.”
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Read the full article at NAR:
Existing-Home Sales Housing Snapshot | www.nar.realtor