March 2021 Existing Home Sales

Although the existing-home sales fell 3.7% in March, following the decline in February, dropping to a seasonally adjusted rate of 6.01 million compared to 5.25 million in March 2020. The National Association of Realtors® reported a record-high in home prices and gains; these gains, experienced by each major region,  reported a 12.3% increase in year-over-year sales.

Median existing-home prices also showed a drastic increase of 17.2% in year-over-year gains, bringing the median to $329,100 for all housing types. NARs chief economist Lawrence Yun stated, “consumers are facing much higher home prices, rising mortgage rates, and failing affordability, however, buyers are still active in the market.” Explaining that the lack of inventory is still a pressing issue on decreasing numbers. Yun remains hopeful for further growth due to confident buyers, favorable mortgage rates, and a promising economic outlook.

 

Information Provided by NAR – View Original Article Here 

 

References:

Housing market reaches RECORD-HIGH home price and gains in March. (2021, April 22). Retrieved May 04, 2021, from https://www.nar.realtor/newsroom/housing-market-reaches-record-high-home-price-and-gains-in-march

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