March home sales fall to the slowest pace since 2009

Concerns of higher mortgages and more widespread economy, a comprehensive spring housing market is made for a weak start.

According to the National Realtors Association, in March, the sale of houses in the house before 5.9% in February, 4.02 million units and the National Association from February. This is the slowest March sales pace since 2009.

Sale was 2.4% less since March 2024, and all regions decreased from month to month. In the West, the most pliest region of the country, fell to more than 9%. The West was the only region that sees a year of earnings during the year due to strong activity in the rocky mountainous situation in which the increase in business growth is strong.

This number is based on closures, so in January and February, the average rate of 30 years is based on contracts if more than 7% of the average mortgage. Daily mortgage did not fall below 7% by February 20.

“The house buying and selling home was slow due to favorable problems related to high mortgage ratios in March,” said Nar’s Chief Economist Lawrence Wool. “The residential housing is currently a high level of historical high levels of economic mobility for society.”

Sales fell despite the sharp increase in existing lists. At the end of March, 1.33 million units for sale was about 20% in March 2024. The current pace of sales is still equal to 4 months of supply on the lean side. A 6-month supply receiver and the seller is considered a balanced market.

More inventory and slower sales puts a cold for the price. The media price of an existing house sold in March amounted to $ 403,700. This is always high for months, but it is only 2.7% from last March. This annual comparison has shrunk since December and the smallest gain since August.

“In a state of stock and bond markets, in a difficult way, the home wealth in the settlement continues to new heights,” wool. “According to the estimation of the property asset, $ 500 billion in household earnings at home due to the flow of $ 500 billion in the flood of the Federal Reserve Fund.”

For the first time, buyers accounted for 32% of the market in March, as in March 2024. Historically, they are about 40%.

All money sales fell from 28% to 26% a year, but investors lasted 15% of sales continued.

Nar, who looked upon the upcoming Nar, cancellation of the abolished agreements and in April, expressing the volatility of the exclusion and the exchange rate.

“March numbers are bad, but they will worsen,” said Robert Frick, a corporate economist with the Federal Credit Union of Fire. “In addition to the existing pressures of high prices and high mortgages, home furniture prices will likely rise due to tariffs, and the concerns between consumers on inflation can be grown for Hunker to the Hunker.”