In the biggest drop in nearly two years, existing-home sales declined by 5.9% in March 2025. While many predicted a downturn – around 3.1% – this, of course, exceeded it considerably.
It also put a damper on the hope that spring would see an overall housing recovery. Supply is increasing far more than demand as nervous buyers deal with economic uncertainly, high mortgage rates (>6.5%), modest price increases (2.7%) from a year ago.
Those who are interested in buy have more negotiating power and Zillow reported that nearly one four listings had a price cut in March.