Not what the housing market was hoping for as sales of existing homes dropped to their slowest pace in March since 2009. According to the National Association of Realtors, sales in March fell 5.9% from February. This figure was also down 2.4% from March 2024.
And this decline was true across all regions with sales of existing home dropping 9.4% in the West, 5.7% in the South, 5% in the Midwest and 2% in the Northeast.
Inventory remains relatively strong but uncertainty about the economy and a possible recession remain viable concerns.