March Home Sales Fall to Slowest Pace Since 2009

U.S. existing home sales fell 5.9% in March to an annual rate of 4.02 million units, marking the slowest March since 2009 and the largest monthly drop since November 2022. High mortgage rates near 7% and rising prices have discouraged buyers, despite inventory rising 8.1% month-over-month to 1.33 million units. The national median sales price hit a March record of $403,700, though annual price growth slowed. While most regions saw sales declines, the West posted a year-over-year gain, attributed to strong job growth in the Rockies. Economists cite both affordability and broader economic uncertainty, including tariff policies, as reasons for weak demand. The housing supply now stands at a 4-month pace, still below the 5- to 6-month supply considered balanced.