Reflecting affordability challenges associated with high mortgage rates, the National Association of Realtors released a report on Thursday showing a steep drop by U.S. existing home sales in the month of March.
NAR said existing home sales plunged by 5.9 percent to an annual rate of 4.02 million in March after surging by 4.4 percent to a revised rate of 4.27 million in February.
The report also said housing inventory at the end of March totaled 1.33 million units, up 8.1 percent from 1.23 million units in February and up 19.8 percent from 1.11 million units a year ago.
The unsold inventory represents 4.0 months of supply at the current sales pace, up from 3.5 months in February and 3.2 months in March 2024.
NAR also said the median existing home price for all housing types was $403,700 in March, up 2.7 percent from $392,900 in the same month last year.